A rate "lock" or "commitment" is a promise from the lender to lock in a specific interest rate and a certain number of points for you for a specified period of time during your application process. This keeps you from working through your entire application process and discovering at the end that the interest rate has gotten higher.
Rate lock periods can be various lengths of time, anywhere from fifteen to sixty days, with the longer spans generally costing more. A lending institution will agree to freeze an interest rate and points for a longer span of time, say sixty days, but in exchange, the rate (and sometimes points) will be more than with a rate lock of fewer days.
There are other ways to get a good rate, besides agreeing to a shorter rate lock period. The larger the down payment, the lower your interest rate will be, because you will be entering the loan with more equity. You can pay points to reduce your rate for the loan term, meaning you pay more up front. One strategy that makes financial sense for many people is to pay points to improve the interest rate over the life of the loan. You'll pay more up front, but you'll come out ahead, especially if you don't refinance early.
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