When you are promised a "rate lock" from the lender, it means that you are guaranteed to get a particular interest rate for a certain number of days while you work on your application process. This ensures that your interest rate cannot grow during the application process.
Although there are several lengths of rate lock periods (from 15 to 60 days), the longer ones are typically more expensive. You can get a longer period for your lock, but in doing so, will likely have a higher interest rate than you would have with a shorter period
In addition to going with the shorter rate lock period, there are several ways you can attain the best rate. A larger down payment will get you a lower interest rate, because you will be starting out with a good deal of equity. You could opt to pay points to bring down your interest rate over the loan term, meaning you pay more initially. For many people, this is a good option..
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