When you're promised a "rate lock" from the lender, it means that you are guaranteed to keep a certain interest rate over a determined period while you work on the application process. This means your interest rate cannot rise during the application process.
While there can be a choice of rate lock periods (from 15 to 60 days), the extended spans are typically more expensive. A lender will agree to lock in an interest rate and points for a longer period, like sixty days, but in exchange, the rate (and sometimes points) will be more than that of a rate lock of a shorter period.
There are more ways to get a lower rate, besides agreeing to a shorter rate lock period. The larger down payment you can pay, the lower the rate will be, as you will be entering the loan with more equity. You can pay points to lower your rate over the loan term, meaning you pay more up front. For a lot of people, this makes sense and is a good deal..
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