A rate "lock" or "commitment" is a lender's promise to lock in a particular interest rate and a particular number of points for you for a specified period of time during your application process. This protects you from getting through your whole application process and learning at the end that your interest rate has gone up.
Although there are various lengths of rate lock periods (from 15 to 60 days), the longer spans are generally more expensive. You can get a longer period for your lock, but in making this choice, will likely have a higher rate than you would have with a shorter rate lock span of time
In addition to going with the shorter lock period, there are several ways you are able to attain the best rate. The larger down payment you make, the lower the interest rate will be, as you will be starting with more equity. You can pay points to improve your interest rate over the loan term, meaning you pay more up front. To many people, this makes sense and is a good deal..
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