When you are promised a "rate lock" from a lender, it means that you are guaranteed to get a set interest rate over a determined period while you work on the application process. This ensures that your interest rate won't rise as you are working through the application process.
Rate lock periods can vary in length, between fifteen to sixty days, with the longer spans usually costing more. The lender can agree to lock in an interest rate and points for a longer span of time, such as sixty days, but in exchange, the rate (and sometimes points) will be more than with a rate lock of fewer days.
There are more ways to get a better rate, in addition to choosing a shorter rate lock period. The bigger the down payment, the lower the interest rate will be, as you will have more equity from the start. You can pay points to reduce your interest rate for the loan term, meaning you pay more up front. To many people, this makes financial sense..
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