When you are offered a "rate lock" from the lender, it means that you are guaranteed to get a specific interest rate over a certain number of days for your application process. This ensures that your interest rate cannot rise during the application process.
Rate lock periods can vary in length, between fifteen to sixty days, with the longer spans typically costing more. You can get a longer period for your lock, but in making this choice, will likely have a higher interest rate than you would have with a shorter span of time
In addition to opting for the shorter lock period, there are several ways you are able to get the lowest rate. A bigger down payment will get you a lower interest rate, because you'll have a good deal of equity from the beginning. You may opt to pay points to lower your rate over the term of the loan, meaning you pay more initially. For many people, this makes sense and is a good deal..
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