A rate "lock" or "commitment" is a lender's promise to lock in a certain interest rate and a certain number of points for you for a certain period while your application is processed. This prevents you from getting through your whole application process and discovering at the end that your interest rate has risen higher.
Although there are various lengths of rate lock periods (from 15 to 60 days), the longer spans are usually more expensive. You can get a longer period for your lock, but in choosing this option, will likely have a higher interest rate than you would with a shorter span of time
In addition to choosing the shorter lock period, there are several ways you may be able to attain the best rate. The larger the down payment, the lower the interest rate will be, as you will have more equity from the beginning. You could opt to pay points to lower your interest rate over the term of the loan, meaning you pay more initially. To a lot of people, this makes financial sense..
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