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 certain period during your application process. This ensures that your interest rate cannot go up during the application process.
Although there are various lengths of rate lock periods (from 15 to 60 days), the longer spans are usually more expensive. A lender may agree to lock in an interest rate and points for a longer period, like 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 going with the shorter rate lock period, there are other ways you may be able to score the lowest rate. The bigger the down payment, the smaller the rate will be, as you will have more equity from the beginning. You might opt to pay points to bring down your interest rate over the life of the loan, meaning you pay more up front. To many people, this makes financial sense..
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