Step 7: Lock in your mortgage interest rate and points  Since
it’s often weeks, and sometimes months, between getting
prequalified and closing on your home, it’s a good idea to lock
in your interest rate and points.  What is a rate lock? A lock
is a commitment by the lender that guarantees you a certain
interest rate for a specific period of time. For example, your
lender might offer you a 6 percent interest rate for zero points
for thirty days, or 6. 25 percent rate for forty-five days for
one point.  Time period The most common amount of time for a
lock is 30 days. However, locks come in fifteen day increments
and you can get a lock for 15, 30, 45 or 60 days. Some lenders
even let you lock past sixty days. It is good to remember,
though, that the shorter the lock period, typically the lower
the rate will be. The longer the lock period, the greater the
risk to the lender that rates will change, and not necessarily
in the lender’s favor. That’s why lenders usually charge more
for a longer time period with a l