A rate "lock" or "commitment" is a lender's promise to hold a particular interest rate and a certain number of points for you for a certain period of time during your application process. This ensures that your interest rate will not go up during the application process.
Although there are several lengths of rate lock periods (from 15 to 60 days), the extended ones are typically more expensive. The lending institution will agree to hold an interest rate and points for a longer period, like sixty days, but in exchange, the rate (and sometimes points) will be more than with a rate lock of a shorter period.
There are more ways to get a low rate, besides choosing a shorter rate lock period. A larger down payment will get you a reduced interest rate, since you are starting out with more equity. You might choose to pay points to bring down your interest rate for the life of the loan, meaning you pay more up front. To a lot of people, this makes financial sense..
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