When you're offered a "rate lock" from your lender, it means that you are guaranteed to get a particular interest rate over a determined period for the application process. This means your interest rate cannot get higher during the application process.
Although there may be a choice of rate lock periods (from 15 to 60 days), the extended spans are generally more expensive. You can get a longer period for your lock, but in choosing this option, will likely have a higher rate than you would with a shorter period
There are more ways to get a better rate, besides choosing a shorter rate lock period. The more the down payment, the smaller your interest rate will be, as you will be entering the loan with more equity. You might opt to pay points to bring down your interest rate for the life of the loan, meaning you pay more initially. To a lot of people, this makes sense and is a good deal..
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