When you're promised a "rate lock" from the lender, it means that you are guaranteed to keep a certain interest rate over a certain number of days for your application process. This saves you from getting through your whole application process and learning at the end that the interest rate has gone up.
Rate lock periods can be various lengths of time, between fifteen to sixty days, with the longer ones 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 rate lock period
In addition to going with the shorter lock period, there are more ways you may be able to score the best rate. The bigger the down payment, the lower the interest rate will be, since you will have more equity from the start. You could opt to pay points to improve your interest rate for the loan term, meaning you pay more up front. One strategy that makes financial sense for some is to pay points to reduce the interest rate over the term of the loan. You are paying more initially, but you'll come out ahead, especially if you keep the loan for a long time.
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