When you're promised a "rate lock" from the lender, it means that you are guaranteed to keep a set interest rate for a certain number of days for your application process. This keeps you from getting through your whole application process and learning at the end that your interest rate has gotten higher.
Rate lock periods can vary in length, anywhere from fifteen to sixty days, with the longer ones usually costing more. The lending institution may agree to hold an interest rate and points for a longer span of time, such as sixty days, but in exchange, the rate (and sometimes points) will be more than with a rate lock of fewer days.
In addition to choosing a shorter rate lock period, there are more ways you may be able to score the best rate. A larger down payment will get you a lower interest rate, because you'll have more equity at the start. You can pay points to reduce your rate over the loan term, meaning you pay more up front. One strategy that is a good option for some is to pay points to bring the rate down over the life of the loan. You'll pay more up front, but you will save money, especially if you don't refinance early.
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