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 won't grow while you are going through 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. A lender will agree to hold an interest rate and points for a longer period, such as 60 days, but in exchange, the rate (and sometimes points) will be more than with a rate lock of a shorter period.
There are other ways to get a better rate, in addition to agreeing to a shorter rate lock period. A larger down payment will give you a reduced interest rate, since you'll have a good amount of equity from the beginning. You could choose to pay points to bring down your rate over the term of the loan, meaning you pay more initially. One strategy that makes financial sense for some is to pay points to reduce the interest rate over the life of the loan. You'll pay more initially, but you'll come out ahead, especially if you keep the loan for the full term.
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