When you are offered a "rate lock" from a lender, it means that you are guaranteed to keep a set interest rate over a determined period for the application process. This ensures that your interest rate cannot go up during the application process.
Although there may be a choice of rate lock periods (from 15 to 60 days), the longer ones are typically more expensive. You can get a longer period for your lock, but in making this choice, will most likely have a higher interest rate than you would have with a shorter rate lock period
There are other ways to get a reduced rate, in addition to going with a shorter rate lock period. The larger down payment you can make, the better your interest rate will be, since you will be starting with more equity. You can 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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