A rate "lock" or "commitment" is a lender's promise to freeze a certain interest rate and a specific number of points for you for a certain period of time while your application is processed. This means your interest rate cannot rise as you are working through the application process.
While there might be a choice of rate lock periods (from 15 to 60 days), the longer ones are typically more expensive. You can get a longer period for your lock, but in making this choice, will likely have a higher interest rate than you would have with a shorter period
There are more ways to get a reduced rate, besides going with a shorter rate lock period. The larger down payment you can pay, the better the rate will be, because you will be starting with more equity. You could opt to pay points to improve your interest rate for the loan term, meaning you pay more initially. One strategy that is a good option 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 will come out ahead, especially if you don't refinance early.
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