"Rate Lock" and other Ways to Get a Lower Interest Rate

Locking It In

A rate "lock" or "commitment" is a lender's promise to freeze a certain interest rate and a certain number of points for you for a specified period during your application process. This means your interest rate cannot grow while you are working through the application process.

Rate lock periods can vary in length, between fifteen to sixty days, with the longer spans usually costing more. You can get a longer period for your lock, but in making this choice, will likely have a higher interest rate than you would have with a shorter span of time

Additional Ways to Save on Interest

There are other ways to get a low rate, in addition to opting for a shorter rate lock period. The more the down payment, the better the interest rate will be, as you will have more equity from the beginning. You could opt to pay points to improve your interest rate for the loan term, meaning you pay more initially. For a lot of people, this is a good option.