When you're offered a "rate lock" from your lender, it means that you are guaranteed to get a certain interest rate over a determined period for the application process. This means your interest rate will not get higher as you are going through the application process.
While there are various lengths of rate lock periods (from 15 to 60 days), the extended spans are generally more expensive. You can get a longer period for your lock, but in choosing this option, will probably have a higher interest rate than you would have with a shorter period
There are more ways to get a reduced rate, besides going with a shorter rate lock period. A bigger down payment will give you a reduced interest rate, since you'll be starting out with a good deal of equity. You can pay points to improve your interest rate over the life of the loan, meaning you pay more initially. One strategy that is a good option for some is to pay points to bring the rate down over the life of the loan. You will pay more up front, but you will come out ahead, especially if you don't refinance early.
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