When you are offered a "rate lock" from the lender, it means that you are guaranteed to get a certain interest rate for a determined period while you work on your application process. This protects you from getting through your entire application process and discovering at the end that the interest rate has gotten higher.
Although there are various lengths 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 doing so, will probably have a higher interest rate than you would with a shorter period
In addition to choosing a shorter rate lock period, there are other ways you can get the best rate. The more the down payment, the smaller the interest rate will be, since you will have more equity from the beginning. You can pay points to reduce your interest rate over the term of the loan, meaning you pay more initially. One strategy that makes financial sense for some is to pay points to bring the rate down over the life of the loan. You'll pay more up front, but you will come out ahead in the end.
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