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 of time during your application process. This ensures that your interest rate cannot rise during the application process.
Although there are several lengths of rate lock periods (from 15 to 60 days), the longer spans are typically more expensive. You can get a longer period for your lock, but in choosing this option, will likely have a higher rate than you would with a shorter span of time
In addition to going with a shorter rate lock period, there are more ways you can get the lowest rate. A larger down payment will give you a reduced interest rate, since you're starting out with more equity. You can pay points to lower your interest rate over the term of the loan, meaning you pay more up front. To a lot of people, this is a good option..
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