A rate "lock" or "commitment" is a promise from the lender to hold a specific interest rate and a particular number of points for you for a specified period of time during your application process. This protects you from working through your entire application process and discovering at the end that the interest rate has gone up.
Rate lock periods can vary in length, between 15 to 60 days, with the longer spans usually costing more. The lending institution can agree to freeze an interest rate and points for a longer period, such as sixty days, but in exchange, the rate (and sometimes points) will be higher than with a rate lock of fewer days.
There are other ways to get a good rate, besides agreeing to a shorter rate lock period. A larger down payment will get you a better interest rate, since you'll have more equity at the start. You can pay points to improve your rate for the term of the loan, meaning you pay more initially. To a lot of people, this makes sense and is a good deal..
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