When you are offered a "rate lock" from the lender, it means that you are guaranteed to get a certain interest rate over a determined period while you work on your application process. This protects you from working through your entire application process and learning at the end that your interest rate has gone up.
While there can be a choice of rate lock periods (from 15 to 60 days), the longer ones are generally more expensive. You can get a longer period for your lock, but in choosing this option, will probably have a higher interest rate than you would have with a shorter rate lock span of time
In addition to going with the shorter rate lock period, there are more ways you are able to score the lowest rate. A bigger down payment will get you a lower interest rate, since you will have more equity at the start. You can pay points to improve your interest rate for the term of the loan, meaning you pay more initially. For a lot of people, this is a good option..
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