A rate "lock" or "commitment" is a promise from the lender to set a specific interest rate and a particular number of points for you for a certain period of time while your application is processed. This protects you from working through your entire application process and discovering at the end that the interest rate has gotten higher.
Rate lock periods can vary in length, between fifteen to sixty days, with the longer ones typically costing more. 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 period
There are more ways to get a low rate, besides agreeing to a shorter rate lock period. A larger down payment will get you a better interest rate, since you will have more equity at the start. You can pay points to reduce your rate over the loan term, meaning you pay more initially. To a lot of people, this makes sense and is a good deal..
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