A rate "lock" or "commitment" is a promise from the lender to set a particular interest rate and a specific number of points for you for a certain period while your application is processed. This means your interest rate cannot get higher during the application process.
Although there can be a choice of rate lock periods (from 15 to 60 days), the longer ones are usually more expensive. A lender will agree to hold an interest rate and points for a longer period, such as 60 days, but in exchange, the rate (and sometimes points) will be higher than that of a rate lock of fewer days.
In addition to opting for the shorter lock period, there are several ways you are able to get the lowest rate. A larger down payment will give you a reduced interest rate, because you will be starting out with a good deal of equity. You might opt to pay points to reduce your rate for 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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