A rate "lock" or "commitment" is a lender's promise to lock in a specific interest rate and a particular number of points for you for a certain period of time during your application process. This protects you from working through your whole application process and learning at the end that your interest rate has risen higher.
While there can be a choice of rate lock periods (from 15 to 60 days), the longer spans are generally more expensive. The lender will 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 that of a rate lock of a shorter period.
In addition to choosing the shorter rate lock period, there are several ways you can score the lowest rate. The larger the down payment, the lower the interest rate will be, because you will have more equity from the start. You could opt to pay points to reduce your rate for the life of the loan, meaning you pay more up front. One strategy that makes financial sense for many people is to pay points to reduce the interest rate over the life of the loan. You pay more initially, but you will come out ahead, especially if you don't refinance early.
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