When you are promised a "rate lock" from the lender, it means that you are guaranteed to get a specific interest rate over a determined period while you work on your application process. This means your interest rate cannot rise during the application process.
Rate lock periods can vary in length, between fifteen to sixty days, with the longer spans generally costing more. You can get a longer period for your lock, but in choosing this option, will likely have a higher interest rate than you would with a shorter period
There are more ways to get a good rate, besides choosing a shorter rate lock period. The bigger the down payment, the better the rate will be, because you will have more equity from the start. You can pay points to lower your rate for the life of the loan, 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 term of the loan. You are paying more initially, but you'll come out ahead, especially if you keep the loan for the full term.
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