A rate "lock" or "commitment" is a lender's promise to set a specific interest rate and a certain number of points for you for a certain period of time while your application is processed. This prevents you from going through your whole application process and discovering at the end that the interest rate has risen higher.
While there are several 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 rate than you would have with a shorter span of time
There are more ways to get a reduced rate, besides opting for a shorter rate lock period. The larger the down payment, the lower the rate will be, since you will have more equity from the start. You may opt to pay points to reduce your interest rate for the loan term, meaning you pay more up front. One strategy that is a good option for many people is to pay points to improve the interest rate over the term of the loan. You will pay more up front, but you'll come out ahead, especially if you don't refinance early.
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