A rate "lock" or "commitment" is a promise from the lender to lock in a specific interest rate and a specific number of points for you for a certain period while your application is processed. This ensures that your interest rate can't go up while you are going through the application process.
Although there are several lengths of rate lock periods (from 15 to 60 days), the longer ones are generally more expensive. The lender can agree to freeze an interest rate and points for a longer period, say 60 days, but in exchange, the rate (and sometimes points) will be more than that of a rate lock of a shorter period.
There are more ways to get a good rate, besides agreeing to a shorter rate lock period. The larger the down payment, the smaller the rate will be, since you will have more equity from the start. You could opt to pay points to bring down your interest rate over the loan term, meaning you pay more up front. One strategy that makes financial sense for some is to pay points to reduce the interest rate over the term of the loan. You pay more up front, but you'll save money in the long run.
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