Getting a Low Interest Rate
Freezing the Rate
A rate "lock" or "commitment" is a lender's promise to hold a specific interest rate and a specific number of points for you for a specified period of time during your application process. This means your interest rate will not grow while you are working through the application process.
Although there are various lengths 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 doing so, will probably have a higher interest rate than you would have with a shorter period
Other Interest Saving Strategies
In addition to choosing the shorter rate lock period, there are more ways you are able to attain the best rate. A bigger down payment will give you a better interest rate, because you will be starting out with more equity. You can pay points to bring down your interest rate for the loan term, meaning you pay more initially. For many people, this makes sense and is a good deal..