When you're promised a "rate lock" from your lender, it means that you are guaranteed to keep a specific interest rate for a certain number of days for the application process. This means your interest rate will not grow during the application process.
Although there may be a choice of rate lock periods (from 15 to 60 days), the longer ones are usually more expensive. A lending institution will agree to lock in an interest rate and points for a longer period, say 60 days, but in exchange, the rate (and sometimes points) will be higher than with a rate lock of fewer days.
There are other ways to get a lower rate, in addition to choosing a shorter rate lock period. A larger down payment will get you a better interest rate, since you'll have a good deal of equity at the start. You can pay points to bring down your rate over the loan term, meaning you pay more up front. For many people, this makes sense and is a good deal..
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