When you're promised a "rate lock" from a lender, it means that you are guaranteed to get a particular interest rate for a certain number of days while you work on your application process. This means your interest rate can't grow during the application process.
Rate lock periods can be various lengths of time, anywhere from 15 to 60 days, with the longer ones typically costing more. The lender can agree to lock in an interest rate and points for a longer period, such as sixty days, but in exchange, the rate (and sometimes points) will be higher than that of a rate lock of a shorter period.
In addition to opting for a shorter lock period, there are more ways you can get the lowest rate. The bigger down payment you pay, the lower your rate will be, because you will be entering the loan with more equity. You could opt to pay points to lower your rate for the loan term, meaning you pay more up front. One strategy that makes financial sense for many people is to pay points to bring the rate down over the term of the loan. You'll pay more initially, but you'll save money, especially if you keep the loan for a long time.
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