A rate "lock" or "commitment" is a lender's promise to hold a specific interest rate and a certain number of points for you for a certain period during your application process. This protects you from working through your whole application process and finding out at the end that the interest rate has gone up.
Although there are several lengths of rate lock periods (from 15 to 60 days), the extended spans are generally more expensive. You can get a longer period for your lock, but in making this choice, will most likely have a higher rate than you would with a shorter span of time
In addition to opting for the shorter lock period, there are other ways you can get the best rate. A larger down payment will give you a lower interest rate, because you are starting out with a good deal of equity. You could opt to pay points to lower your rate for the loan term, meaning you pay more up front. For a lot of people, this is a good option..
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