A rate "lock" or "commitment" is a promise from the lender to hold a specific interest rate and a certain number of points for you for a specified period of time during your application process. This means your interest rate will not rise during the application process.
Rate lock periods can be various lengths of time, anywhere from fifteen to sixty days, with the longer period usually costing more. You can get a longer period for your lock, but in choosing this option, will likely have a higher rate than you would with a shorter period
In addition to choosing a shorter lock period, there are other ways you can get the lowest rate. The larger down payment you pay, the better your rate will be, because you will be entering the loan with more equity. You could choose to pay points to reduce your rate over the life of the loan, 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 come out ahead in the end.
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