When you're offered a "rate lock" from the lender, it means that you are guaranteed to get a particular interest rate over a determined period for your application process. This keeps you from going through your whole application process and finding out at the end that the interest rate has gone up.
Rate lock periods can be various lengths of time, between 15 to 60 days, with the longer spans typically costing more. You can get a longer period for your lock, but in doing so, will most likely have a higher interest rate than you would have with a shorter span of time
In addition to choosing a shorter rate lock period, there are other ways you can get the best rate. The larger the down payment, the better the interest rate will be, since you will be starting with more equity. You might choose to pay points to reduce your interest rate over the loan term, meaning you pay more up front. One strategy that is a good option for many people is to pay points to reduce the interest rate over the term of the loan. You'll pay more initially, but you'll come out ahead in the long run.
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