There are many ways besides opting for a shorter rate lock period to get a lower payments, though.

1. A larger down payment will result in a lower interest rate than a smaller one, because you're starting out with more equity and the lender is taking less of a risk.
   
2. You can pay points to lower your rate over the life of the loan, but that means you pay more up front. For many people, this makes sense and is a good deal.
3. Seller Contributions are closing costs paid by seller, which the seller in turn charges you to close the loan. Many people pay closing costs when they sign on the dotted line, but a person can also finance their closing costs. Paying closing costs when the loan closes will reduce your payments rates.
4. Choose a different loan program.  Some loan programs have lower fees or for example on a VA loan there is no Monthly Mortgage Insurance, as there is with FHA and conventional programs that are more than 80% Loan to Value.
   

There are many other ways to reduce your payments, call our office for a consultation on how we may assist you in providing you with the best programs possible for you and your family.