A rate "lock" or "commitment" is a promise from the lender to freeze a particular interest rate and a specific number of points for you for a certain period during your application process. This means your interest rate will not grow while you are working through the application process.
Rate lock periods can vary in length, anywhere from 15 to 60 days, with the longer ones typically costing more. A lending institution can agree to freeze an interest rate and points for a longer period, like 60 days, but in exchange, the rate (and sometimes points) will be higher than with a rate lock of a shorter period.
In addition to choosing a shorter lock period, there are other ways you can attain the best rate. A larger down payment will give you a reduced interest rate, because you will be starting out with a good deal of equity. You can pay points to lower your rate for the term of the loan, meaning you pay more initially. To a lot of people, this makes financial sense..
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