When you are promised a "rate lock" from a lender, it means that you are guaranteed to get a set interest rate over a certain number of days for your application process. This means your interest rate won't rise during the application process.
Although there might be a choice of rate lock periods (from 15 to 60 days), the extended spans are typically more expensive. A lender can agree to lock in an interest rate and points for a longer period, like sixty days, but in exchange, the rate (and sometimes points) will be more than that of a rate lock of a shorter period.
There are more ways to get a better rate, in addition to agreeing to a shorter rate lock period. The more the down payment, the better your rate will be, as you will be entering the loan with more equity. You can pay points to lower your rate for the term 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 are paying more up front, but you will save money, especially if you don't refinance early.
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