When you are offered a "rate lock" from the lender, it means that you are guaranteed to get a certain interest rate for a determined period for the application process. This ensures that your interest rate won't go up while you are going through the application process.
Rate lock periods can vary in length, anywhere from 15 to 60 days, with the longer spans typically costing more. You can get a longer period for your lock, but in making this choice, will likely have a higher interest rate than you would have with a shorter span of time
In addition to choosing a shorter rate lock period, there are more ways you can score the best rate. The more the down payment, the lower the rate will be, as you will be starting with more equity. You can pay points to lower your interest rate for the loan term, meaning you pay more initially. To a lot of people, this makes sense and is a good deal..
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