A rate "lock" or "commitment" is a lender's promise to lock in a certain interest rate and a specific number of points for you for a specified period during your application process. This ensures that your interest rate won't get higher during the application process.
Rate lock periods can be various lengths of time, between 15 to 60 days, with the longer period usually costing more. A lending institution will agree to hold 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 that of a rate lock of fewer days.
There are more ways to get a better rate, besides opting for a shorter rate lock period. A bigger down payment will result in a better interest rate, because you'll have a good deal of equity at the start. You can pay points to lower your rate over the loan term, meaning you pay more initially. One strategy that makes financial sense for some is to pay points to reduce the rate over the life of the loan. You pay more up front, but you'll save money in the end.
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