A rate "lock" or "commitment" is a lender's promise to freeze a certain interest rate and a specific number of points for you for a specified period during your application process. This ensures that your interest rate won't get higher while you are going through the application process.
Although there are various lengths of rate lock periods (from 15 to 60 days), the extended ones are typically more expensive. A lending institution will agree to hold an interest rate and points for a longer span of time, say sixty days, but in exchange, the rate (and sometimes points) will be higher than that of a rate lock of fewer days.
In addition to going with a shorter rate lock period, there are other ways you may be able to score the best rate. A larger down payment will get you a better interest rate, because you will be starting out with a good deal of equity. You could choose to pay points to improve your rate for the life of the loan, meaning you pay more up front. One strategy that is a good option for many people is to pay points to improve the interest rate over the life of the loan. You are paying more up front, but you will save money in the end.
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