When you are promised a "rate lock" from a lender, it means that you are guaranteed to keep a specific interest rate for a determined period for your application process. This means your interest rate can't get higher during the application process.
Although there can be a choice of rate lock periods (from 15 to 60 days), the extended ones are generally more expensive. The lender may agree to lock in an interest rate and points for a longer span of time, like 60 days, but in exchange, the rate (and sometimes points) will be more than with a rate lock of fewer days.
There are more ways to get a good rate, in addition to going with a shorter rate lock period. The larger the down payment, the lower your rate will be, since you will be starting with more equity. You could opt to pay points to bring down your interest rate over the term of the loan, meaning you pay more initially. One strategy that is a good option for some is to pay points to reduce the rate over the term of the loan. You pay more up front, but you will come out ahead in the end.
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