When you are offered a "rate lock" from a lender, it means that you are guaranteed to keep a certain interest rate over a determined period while you work on your application process. This ensures that your interest rate will not rise during the application process.
Although there can be a choice of rate lock periods (from 15 to 60 days), the longer spans are generally more expensive. You can get a longer period for your lock, but in choosing this option, will most likely have a higher interest rate than you would have with a shorter rate lock period
In addition to going with the shorter lock period, there are several ways you can get the best rate. The bigger down payment you can make, the lower the rate will be, as you will be entering the loan with more equity. You can pay points to reduce your rate over the term of the loan, meaning you pay more initially. To many people, this is a good option..
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