When you're offered a "rate lock" from the lender, it means that you are guaranteed to get a set interest rate for a determined period for the application process. This means your interest rate will not get higher during the application process.
Rate lock periods can be various lengths of time, between fifteen to sixty days, with the longer period usually costing more. A lender may agree to hold an interest rate and points for a longer span of time, say sixty days, but in exchange, the rate (and sometimes points) will be higher than with a rate lock of a shorter period.
There are other ways to get a low rate, besides choosing a shorter rate lock period. A bigger down payment will get you a reduced interest rate, since you will be starting out with a good deal of equity. You can pay points to bring down your rate over the life of the loan, meaning you pay more initially. To many people, this is a good option..
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