A rate "lock" or "commitment" is a promise from the lender to hold a particular interest rate and a specific number of points for you for a specified period during your application process. This prevents you from going through your whole application process and learning at the end that the interest rate has gone up.
Rate lock periods can vary in length, anywhere from fifteen to sixty days, with the longer spans typically costing more. The lending institution can agree to lock in an interest rate and points for a longer period, such as 60 days, but in exchange, the rate (and sometimes points) will be higher than with a rate lock of a shorter period.
There are other ways to get a better rate, besides agreeing to a shorter rate lock period. The bigger down payment you make, the smaller your interest rate will be, since you will be entering the loan with more equity. You may choose to pay points to lower your rate over the life of the loan, meaning you pay more up front. One strategy that makes financial sense for some is to pay points to bring the rate down over the term of the loan. You are paying more initially, but you will save money in the long run.
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