When you're offered a "rate lock" from your lender, it means that you are guaranteed to keep a set interest rate for a certain number of days for your application process. This ensures that your interest rate can't grow while you are working through the application process.
Although there can be a choice of rate lock periods (from 15 to 60 days), the extended spans are usually more expensive. You can get a longer period for your lock, but in choosing this option, will likely have a higher rate than you would with a shorter period
There are more ways to get a good rate, in addition to going with a shorter rate lock period. The more the down payment, the smaller the rate will be, as you will be entering the loan with more equity. You can pay points to lower your rate for the term of the loan, meaning you pay more initially. One strategy that is a good option for many people is to pay points to improve the rate over the life of the loan. You will pay more up front, but you'll save money in the long run.
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