When you're promised a "rate lock" from the lender, it means that you are guaranteed to keep a set interest rate over a certain number of days while you work on your application process. This ensures that your interest rate will not rise while you are working through the application process.
Although there can be a choice of rate lock periods (from 15 to 60 days), the extended ones are typically more expensive. You can get a longer period for your lock, but in making this choice, will probably have a higher rate than you would with a shorter rate lock period
In addition to going with a shorter lock period, there are several ways you are able to get the best rate. The bigger the down payment, the better the interest rate will be, as you will have more equity from the start. You may opt to pay points to bring down your rate over the life of the loan, meaning you pay more up front. For a lot of people, this makes sense and is a good deal..
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