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 certain period of time while your application is processed. This means your interest rate cannot get higher as you are working through the application process.
Rate lock periods can be various lengths of time, anywhere from 15 to 60 days, with the longer ones typically costing more. You can get a longer period for your lock, but in doing so, will likely have a higher interest rate than you would with a shorter period
There are more ways to get a better rate, in addition to opting for a shorter rate lock period. The larger down payment you pay, the lower your interest rate will be, because you will have more equity from the start. You may opt to pay points to bring down your rate for the loan term, meaning you pay more up front. One strategy that is a good option for many people is to pay points to bring the rate down over the life of the loan. You'll pay more initially, but you will save money, especially if you don't refinance early.
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