A rate "lock" or "commitment" is a promise from the lender to hold a particular interest rate and a specific number of points for you for a certain period of time during your application process. This protects you from getting through your entire application process and learning at the end that the interest rate has gotten higher.
Although there may be a choice of rate lock periods (from 15 to 60 days), the extended ones are usually more expensive. You can get a longer period for your lock, but in doing so, will likely have a higher rate than you would with a shorter span of time
There are more ways to get a lower rate, besides choosing a shorter rate lock period. The bigger down payment you make, the better the interest rate will be, because you will have more equity from the start. You can pay points to improve your rate for the loan term, meaning you pay more initially. For many people, this is a good option..
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