A rate "lock" or "commitment" is a lender's promise to lock in a specific interest rate and a particular number of points for you for a specified period of time during your application process. This means your interest rate can't get higher as you are working through the application process.
Although there are various lengths of rate lock periods (from 15 to 60 days), the extended spans are generally more expensive. The lending institution can agree to hold an interest rate and points for a longer span of time, such as 60 days, but in exchange, the rate (and sometimes points) will be more than that of a rate lock of fewer days.
There are more ways to get a better rate, in addition to choosing a shorter rate lock period. The bigger down payment you make, the lower the interest rate will be, as you will have more equity from the start. You might opt to pay points to improve your rate for the loan term, meaning you pay more initially. For many people, this makes financial sense..
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