When you are promised a "rate lock" from your lender, it means that you are guaranteed to get a specific interest rate for a determined period for the application process. This saves you from getting through your entire application process and learning at the end that your interest rate has gone up.
Although there are several lengths of rate lock periods (from 15 to 60 days), the longer ones are generally more expensive. A lending institution may agree to lock in an interest rate and points for a longer span of time, like sixty days, but in exchange, the rate (and sometimes points) will be higher than with a rate lock of a shorter period.
There are more ways to get a low rate, besides going with a shorter rate lock period. The bigger down payment you make, the lower your rate will be, because you will be entering the loan with more equity. You could opt to pay points to lower your rate over the loan term, meaning you pay more initially. For a lot of people, this makes sense and is a good deal..
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