A rate "lock" or "commitment" is a lender's promise to lock in a specific interest rate and a specific number of points for you for a certain period while your application is processed. This prevents you from going through your entire application process and finding out at the end that your interest rate has risen higher.
While there can 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 doing so, will likely have a higher rate than you would with a shorter period
There are more ways to get a lower rate, besides opting for a shorter rate lock period. The bigger the down payment, the better the interest rate will be, since you will be starting with more equity. You can pay points to lower your interest rate for the loan term, meaning you pay more initially. For many people, this is a good option..
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