A rate "lock" or "commitment" is a promise from the lender to hold a particular interest rate and a specific number of points for you for a specified period during your application process. This prevents you from getting through your entire application process and learning at the end that the interest rate has gone up.
Rate lock periods can vary in length, between 15 to 60 days, with the longer period typically costing more. You can get a longer period for your lock, but in doing so, will probably have a higher rate than you would with a shorter span of time
There are other ways to get a better rate, in addition to agreeing to a shorter rate lock period. A bigger down payment will result in a lower interest rate, since you'll have a good deal of equity from the beginning. You may choose to pay points to improve your interest rate over the life of the loan, meaning you pay more initially. One strategy that makes financial sense for some is to pay points to bring the rate down over the life of the loan. You will pay more up front, but you will come out ahead, especially if you don't refinance early.
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