A rate "lock" or "commitment" is a promise from the lender to set a certain interest rate and a specific number of points for you for a specified period while your application is processed. This means your interest rate will not rise during the application process.
Rate lock periods can be various lengths of time, between fifteen to sixty days, with the longer spans usually costing more. The lending institution can agree to lock in an interest rate and points for a longer span of time, say sixty days, but in exchange, the rate (and sometimes points) will be more than with a rate lock of a shorter period.
There are other ways to get a reduced rate, besides choosing a shorter rate lock period. A bigger down payment will get you a better interest rate, since you will have more equity at the start. You can pay points to bring down your rate over the life of the loan, meaning you pay more up front. One strategy that is a good option for some is to pay points to improve the rate over the term of the loan. You'll pay more initially, but you'll save money, especially if you don't refinance early.
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