A rate "lock" or "commitment" is a promise from the lender to set a specific interest rate and a particular number of points for you for a specified period during your application process. This ensures that your interest rate will not go up during the application process.
Although there are various lengths of rate lock periods (from 15 to 60 days), the longer ones are usually more expensive. You can get a longer period for your lock, but in choosing this option, will most likely have a higher interest rate than you would have with a shorter rate lock period
There are more ways to get a reduced rate, in addition to choosing a shorter rate lock period. A larger down payment will give you a reduced interest rate, since you are starting out with a good deal of equity. You can pay points to lower your 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 improve the interest rate over the life of the loan. You pay more initially, but you'll save money, especially if you don't refinance early.
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