When you're promised a "rate lock" from the lender, it means that you are guaranteed to get a set interest rate over a certain number of days while you work on your application process. This saves you from getting through your entire application process and finding out at the end that your interest rate has gotten higher.
Rate lock periods can vary in length, anywhere from fifteen to sixty days, with the longer spans generally costing more. You can get a longer period for your lock, but in choosing this option, will probably have a higher interest rate than you would have with a shorter rate lock span of time
In addition to going with the shorter rate lock period, there are other ways you can score the best rate. The bigger the down payment, the smaller the interest rate will be, because you will have more equity from the beginning. You can pay points to reduce your interest rate over the life of the loan, meaning you pay more up front. One strategy that makes financial sense for many people is to pay points to reduce the interest rate over the term of the loan. You'll pay more initially, but you'll come out ahead in the long run.
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