A rate "lock" or "commitment" is a lender's promise to lock in a certain interest rate and a particular number of points for you for a specified period while your application is processed. This means your interest rate will not rise during the application process.
While there can be a choice of rate lock periods (from 15 to 60 days), the longer spans are generally more expensive. The lending institution will agree to hold an interest rate and points for a longer period, such as sixty days, but in exchange, the rate (and sometimes points) will be more than that of a rate lock of a shorter period.
In addition to opting for a shorter rate lock period, there are several ways you are able to attain the lowest rate. The larger the down payment, the better the interest rate will be, because you will have more equity from the beginning. You could opt to pay points to bring down your interest rate over the term of the loan, 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 term of the loan. You'll pay more initially, but you'll come out ahead in the long run.
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