A rate "lock" or "commitment" is a lender's promise to freeze a specific interest rate and a certain number of points for you for a certain period during your application process. This ensures that your interest rate cannot grow during the application process.
Rate lock periods can be various lengths of time, 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 probably have a higher rate than you would with a shorter rate lock span of time
In addition to opting for a shorter rate lock period, there are several ways you can score the best rate. A bigger down payment will give you a reduced interest rate, because you will have a good deal of equity from the beginning. You might opt to pay points to reduce your interest rate for the life of the loan, meaning you pay more up front. For a lot of people, this is a good option..
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