When you are offered a "rate lock" from your lender, it means that you are guaranteed to keep a set interest rate over a determined period for your application process. This ensures that your interest rate can't go up while you are working through the application process.
Rate lock periods can be various lengths of time, anywhere from fifteen to sixty days, with the longer period typically costing more. You can get a longer period for your lock, but in making this choice, will most likely have a higher interest rate than you would have with a shorter span of time
In addition to choosing a shorter lock period, there are several ways you may be able to attain the best rate. The larger the down payment, the lower your interest rate will be, as you will have more equity from the beginning. You can pay points to bring down your rate for the loan term, meaning you pay more initially. For many people, this makes financial sense..
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