A rate "lock" or "commitment" is a lender's promise to hold a particular interest rate and a specific number of points for you for a specified period while your application is processed. This ensures that your interest rate can't rise during the application process.
While there can be a choice of rate lock periods (from 15 to 60 days), the longer ones are generally more expensive. A lender can agree to lock in an interest rate and points for a longer period, like 60 days, but in exchange, the rate (and sometimes points) will be higher than with a rate lock of a shorter period.
In addition to choosing a shorter lock period, there are several ways you can get the best rate. The bigger down payment you pay, the smaller the interest rate will be, since you will have more equity from the start. You can pay points to lower your rate for the life of the loan, meaning you pay more up front. To many people, this makes sense and is a good deal..
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