When you are offered a "rate lock" from the lender, it means that you are guaranteed to get a certain interest rate over a certain number of days while you work on your application process. This ensures that your interest rate can't grow during the application process.
While there might be a choice of rate lock periods (from 15 to 60 days), the longer ones are usually more expensive. The lender may agree to freeze an interest rate and points for a longer period, such as 60 days, but in exchange, the rate (and sometimes points) will be more than with a rate lock of fewer days.
In addition to choosing the shorter rate lock period, there are more ways you can get the lowest rate. The bigger down payment you make, the better the interest rate will be, as you will be entering the loan with more equity. You might choose to pay points to bring down your interest rate for the term of the loan, meaning you pay more initially. To many people, this makes sense and is a good deal..
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