A rate "lock" or "commitment" is a lender's promise to hold a certain interest rate and a particular number of points for you for a certain period while your application is processed. This ensures that your interest rate can't rise while you are working through the application process.
Rate lock periods can be various lengths of time, between fifteen to sixty days, with the longer ones generally costing more. A lending institution will agree to freeze an interest rate and points for a longer period, like 60 days, but in exchange, the rate (and sometimes points) will be higher than with a rate lock of a shorter period.
In addition to choosing a shorter rate lock period, there are other ways you can get the lowest rate. The bigger down payment you make, the lower your interest rate will be, since you will have more equity from the start. You can pay points to lower your interest rate over the life of the loan, meaning you pay more up front. To a lot of people, this is a good option..
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