When you are offered a "rate lock" from your lender, it means that you are guaranteed to get a set interest rate for a certain number of days while you work on the application process. This means your interest rate cannot go up as you are going through the application process.
Rate lock periods can be various lengths of time, anywhere from fifteen to sixty days, with the longer ones generally costing more. The lending institution can agree to freeze an interest rate and points for a longer span of time, say 60 days, but in exchange, the rate (and sometimes points) will be more than with a rate lock of fewer days.
In addition to going with a shorter rate lock period, there are other ways you are able to score the best rate. A larger down payment will get you a lower interest rate, because you will be starting out with more equity. You can pay points to lower your rate over the loan term, meaning you pay more up front. One strategy that makes financial sense for many people is to pay points to bring the rate down over the life of the loan. You pay more up front, but you'll save money, especially if you keep the loan for the full term.
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