A rate "lock" or "commitment" is a promise from the lender to freeze a specific interest rate and a certain number of points for you for a certain period while your application is processed. This protects you from getting through your entire application process and discovering at the end that the interest rate has gone up.
Although there are various lengths of rate lock periods (from 15 to 60 days), the extended ones are usually more expensive. You can get a longer period for your lock, but in choosing this option, will probably have a higher rate than you would have with a shorter rate lock period
There are more ways to get a reduced rate, besides agreeing to a shorter rate lock period. The larger down payment you can make, the smaller the interest rate will be, as you will be entering the loan with more equity. You can pay points to lower your rate for the term of the loan, meaning you pay more up front. To many people, this is a good option..
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