A rate "lock" or "commitment" is a promise from the lender to hold a specific interest rate and a specific number of points for you for a certain period while your application is processed. This means your interest rate can't grow during the application process.
Rate lock periods can vary in length, anywhere from fifteen to sixty days, with the longer period usually costing more. You can get a longer period for your lock, but in doing so, will most likely have a higher rate than you would with a shorter period
There are more ways to get a lower rate, in addition to opting for a shorter rate lock period. The larger the down payment, the better your interest rate will be, as you will be starting with more equity. You can pay points to reduce your rate over the loan term, meaning you pay more initially. One strategy that makes financial sense for some is to pay points to bring the rate down over the term of the loan. You'll pay more initially, but you'll come out ahead, especially if you don't refinance early.
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