When you're promised a "rate lock" from your lender, it means that you are guaranteed to keep a set interest rate over a certain number of days for your application process. This ensures that your interest rate won't get higher during the application process.
Although there might be a choice of rate lock periods (from 15 to 60 days), the longer ones are generally more expensive. You can get a longer period for your lock, but in making this choice, will most likely have a higher interest rate than you would have with a shorter span of time
In addition to choosing a shorter lock period, there are more ways you may be able to score the lowest rate. A bigger down payment will result in a lower interest rate, since you will have more equity from the beginning. You may opt to pay points to lower your rate for the loan term, meaning you pay more initially. To many people, this is a good option..
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