A rate "lock" or "commitment" is a promise from the lender to set a certain interest rate and a certain number of points for you for a certain period during your application process. This means your interest rate will not get higher while you are going through the application process.
While there may be a choice of rate lock periods (from 15 to 60 days), the longer spans are typically more expensive. You can get a longer period for your lock, but in choosing this option, will most likely have a higher rate than you would with a shorter span of time
In addition to choosing a shorter lock period, there are several ways you can score the lowest rate. The more the down payment, the smaller your rate will be, since you will be starting with more equity. You can pay points to lower your interest rate over the life of the loan, meaning you pay more up front. To a lot of people, this makes sense and is a good deal..
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