A rate "lock" or "commitment" is a promise from the lender to hold a certain interest rate and a specific number of points for you for a specified period of time while your application is processed. This prevents you from getting through your entire application process and finding out at the end that the interest rate has gotten higher.
Rate lock periods can vary in length, between fifteen to sixty days, with the longer ones generally costing more. The lender may agree to lock in an interest rate and points for a longer period, say 60 days, but in exchange, the rate (and sometimes points) will be more than that of a rate lock of a shorter period.
There are other ways to get a reduced rate, besides agreeing to a shorter rate lock period. A larger down payment will get you a reduced interest rate, because you'll have more equity from the beginning. You could choose to pay points to lower your rate for the loan term, meaning you pay more initially. To a lot of people, this makes financial sense..
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