A rate "lock" or "commitment" is a promise from the lender to hold a particular interest rate and a certain number of points for you for a specified period during your application process. This ensures that your interest rate won't go up while you are going through the application process.
Although there can be a choice of rate lock periods (from 15 to 60 days), the longer spans are typically more expensive. You can get a longer period for your lock, but in choosing this option, will most likely have a higher rate than you would have with a shorter period
There are more ways to get a reduced rate, besides choosing a shorter rate lock period. A bigger down payment will result in a reduced interest rate, because you will have a good deal of equity from the beginning. You could opt to pay points to lower your interest rate for the life of the loan, meaning you pay more up front. For many people, this is a good option..
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