When you're promised a "rate lock" from your lender, it means that you are guaranteed to get a particular interest rate for a determined period for the application process. This means your interest rate can't get higher while you are working through the application process.
While there may be a choice of rate lock periods (from 15 to 60 days), the extended ones are usually more expensive. You can get a longer period for your lock, but in doing so, will likely have a higher interest rate than you would with a shorter rate lock period
In addition to opting for a shorter lock period, there are several ways you can score the best rate. A larger down payment will get you a lower interest rate, since you'll be starting out with a good deal of equity. You can pay points to reduce your rate over the term of the loan, meaning you pay more up front. For a lot of people, this makes financial sense..
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