A rate "lock" or "commitment" is a promise from the lender to freeze a specific interest rate and a specific number of points for you for a certain period of time while your application is processed. This saves you from going through your whole application process and finding out at the end that your interest rate has risen higher.
Rate lock periods can be various lengths of time, anywhere from fifteen to sixty days, with the longer ones usually costing more. A lending institution will agree to lock in an interest rate and points for a longer period, say sixty days, but in exchange, the rate (and sometimes points) will be higher than with a rate lock of a shorter period.
In addition to choosing the shorter lock period, there are other ways you may be able to score the best rate. The bigger down payment you can pay, the better the interest rate will be, since you will have more equity from the beginning. You can pay points to lower your rate for the loan term, meaning you pay more up front. One strategy that is a good option for many people is to pay points to bring the rate down over the life of the loan. You pay more initially, but you'll save money, especially if you keep the loan for the full term.
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