Under this option, the lender lets you lock-in the interest rate and the points at some time
after application, but before settlement.
Pro
If you wait to lock and rates decrease, you may get more favorable terms.
Con
If rates go up, you'll be charged the higher rate.
This information is adapted from "A Consumer's Guide to Mortgage Lock-Ins" published
by the Federal Reserve Board and the Office of Thrift Supervision.