When you're offered a "rate lock" from your lender, it means that you are guaranteed to get a set interest rate over a determined period while you work on the application process. This ensures that your interest rate cannot rise while you are working through the application process.
Although there can be a choice of rate lock periods (from 15 to 60 days), the longer spans are typically more expensive. You can get a longer period for your lock, but in doing so, will probably have a higher rate than you would have with a shorter period
There are other ways to get a reduced rate, in addition to choosing a shorter rate lock period. The more the down payment, the lower the interest rate will be, as you will be entering the loan with more equity. You could opt to pay points to improve your interest rate over the life of the loan, meaning you pay more up front. To a lot of people, this makes sense and is a good deal..
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