When you are offered a "rate lock" from the lender, it means that you are guaranteed to get a certain interest rate over a determined period for your application process. This prevents you from going through your whole application process and discovering at the end that your interest rate has gone up.
Rate lock periods can vary in length, anywhere from 15 to 60 days, with the longer period generally costing more. You can get a longer period for your lock, but in choosing this option, will most likely have a higher interest rate than you would have with a shorter period
There are more ways to get a reduced rate, in addition to agreeing to a shorter rate lock period. A bigger down payment will give you a lower interest rate, because you're starting out with more equity. You can pay points to lower your rate for the loan term, meaning you pay more initially. To many people, this is a good option..
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