When you are offered a "rate lock" from your lender, it means that you are guaranteed to keep a particular interest rate over a determined period for your application process. This ensures that your interest rate cannot go up while you are going through the application process.
While there are several lengths of rate lock periods (from 15 to 60 days), the extended spans are typically more expensive. You can get a longer period for your lock, but in choosing this option, will likely have a higher interest rate than you would have with a shorter span of time
In addition to opting for the shorter rate lock period, there are several ways you are able to get the best rate. A bigger down payment will give you a better interest rate, because you'll have more equity at the start. You may opt to pay points to improve your rate over the life of the loan, meaning you pay more initially. One strategy that is a good option for many people is to pay points to improve the rate over the term of the loan. You'll pay more initially, but you will come out ahead, especially if you keep the loan for a long time.
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