A rate "lock" or "commitment" is a promise from the lender to set a certain interest rate and a certain number of points for you for a specified period during your application process. This saves you from going through your entire application process and finding out at the end that your interest rate has gotten higher.
Although there might be a choice of rate lock periods (from 15 to 60 days), the longer spans are generally more expensive. You can get a longer period for your lock, but in choosing this option, will likely have a higher interest rate than you would have with a shorter rate lock period
In addition to opting for the shorter lock period, there are several ways you may be able to get the lowest rate. A larger down payment will get you a lower interest rate, because you will have more equity at the start. You can pay points to bring down your interest rate for the term 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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