A rate "lock" or "commitment" is a promise from the lender to hold a particular interest rate and a certain number of points for you for a specified period of time while your application is processed. This means your interest rate cannot grow during the application process.
Rate lock periods can vary in length, between 15 to 60 days, with the longer spans usually costing more. You can get a longer period for your lock, but in choosing this option, will probably have a higher rate than you would with a shorter span of time
In addition to choosing a shorter rate lock period, there are several ways you can get the best rate. A larger down payment will give you a reduced interest rate, because you are starting out with more equity. You may choose to pay points to bring down your rate over the life of the loan, meaning you pay more initially. One strategy that is a good option for many people is to pay points to bring the rate down over the life of the loan. You'll pay more initially, but you'll come out ahead, especially if you keep the loan for the full term.
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