When you're promised a "rate lock" from a lender, it means that you are guaranteed to get a specific interest rate over a determined period for the application process. This prevents you from working through your entire application process and discovering at the end that the interest rate has gone up.
Rate lock periods can be various lengths of time, anywhere from fifteen to sixty days, with the longer period typically costing more. 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 period
In addition to opting for a shorter rate lock period, there are more ways you can attain the best rate. A larger down payment will get you a better interest rate, since you are starting out with a good deal of equity. You might choose to pay points to lower your interest rate for the loan term, meaning you pay more up front. For a lot of people, this makes financial sense..
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