A rate "lock" or "commitment" is a promise from the lender to hold a particular interest rate and a particular number of points for you for a specified period while your application is processed. This means your interest rate won't rise during the application process.
While there are various lengths of rate lock periods (from 15 to 60 days), the extended spans are generally more expensive. You can get a longer period for your lock, but in making this choice, will probably have a higher interest rate than you would with a shorter rate lock span of time
There are other ways to get a low rate, besides opting for a shorter rate lock period. A bigger down payment will give you a lower interest rate, since you'll have a good deal of equity from the beginning. You can pay points to reduce your rate over the term of the loan, meaning you pay more initially. For many people, this is a good option..
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