When you're promised a "rate lock" from the lender, it means that you are guaranteed to get a specific interest rate over a certain number of days while you work on your application process. This protects you from getting through your whole application process and finding out at the end that your interest rate has risen higher.
Rate lock periods can vary in length, anywhere from fifteen to sixty days, with the longer spans typically costing more. 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 span of time
There are other ways to get a reduced rate, besides agreeing to a shorter rate lock period. The more the down payment, the better your rate will be, since you will have more equity from the beginning. You can pay points to lower your interest rate over the loan term, meaning you pay more up front. For a lot of people, this makes sense and is a good deal..
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