When you are promised a "rate lock" from the lender, it means that you are guaranteed to get a set interest rate over a certain number of days while you work on your application process. This means your interest rate cannot get higher while you are going through the application process.
Rate lock periods can vary in length, between fifteen to sixty days, with the longer period usually costing more. You can get a longer period for your lock, but in choosing this option, will likely have a higher interest rate than you would with a shorter rate lock period
In addition to going with a shorter rate lock period, there are more ways you are able to get the lowest rate. A larger down payment will get you a reduced interest rate, since you're starting out with more equity. You can pay points to bring down your interest rate over the loan term, meaning you pay more up front. One strategy that makes financial sense for some is to pay points to reduce the interest rate over the life of the loan. You'll pay more up front, but you'll save money in the long run.
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