When you are promised a "rate lock" from a lender, it means that you are guaranteed to keep a particular interest rate for a determined period while you work on your application process. This keeps you from getting through your whole application process and discovering at the end that the interest rate has gotten higher.
Although there are various lengths of rate lock periods (from 15 to 60 days), the extended ones are usually more expensive. You can get a longer period for your lock, but in choosing this option, will likely have a higher rate than you would with a shorter span of time
In addition to opting for a shorter lock period, there are several ways you can score the best rate. The bigger the down payment, the better the rate will be, because you will have more equity from the start. You can pay points to lower your rate over the loan term, meaning you pay more initially. One strategy that makes financial sense for some is to pay points to reduce the interest rate over the life of the loan. You'll pay more initially, but you will come out ahead in the long run.
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