When you're promised a "rate lock" from your lender, it means that you are guaranteed to get a particular interest rate for a certain number of days while you work on your application process. This prevents you from getting through your whole application process and discovering at the end that your interest rate has gotten higher.
Rate lock periods can vary in length, between fifteen to sixty days, with the longer spans typically costing more. You can get a longer period for your lock, but in making this choice, will probably have a higher interest rate than you would have with a shorter rate lock period
There are other ways to get a reduced rate, in addition to agreeing to a shorter rate lock period. A larger down payment will give you a reduced interest rate, because you will be starting out with a good deal of equity. You could opt to pay points to lower your interest rate over the term of the loan, meaning you pay more initially. For a lot of people, this is a good option..
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