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rate lock

A commitment by a lender guaranteeing a specified interest rate for a specified period of time. also called lock-in.

Related information about rate lock:
  1. FRB:A Consumer's Guide to Mortgage Lock-Ins
    Apr 28, 2005 ... A lock-in, also called a rate-lock or rate commitment, is a lender's promise to hold a certain interest rate and a certain number of points for you, ...
     
  2. Rate locks and how they work
    Jan 23, 2002 ... If your state or broker requires a written rate-lock contract prior to locking in ... You want a written rate-lock agreement because oral agreements ...
     
  3. Getting an Interest Rate Lock - What You Need to Know - Zillow
    It's kind of like the old saying, "What you see is what you get." That's what a mortgage "rate lock" or "lock-in" guarantees — that you will get the interest rate and ...
     
  4. 8 Tips on How to Lock in a Mortgage Rate - wikiHow
    Sep 17, 2012 ... You can avoid the surprises, however, with a rate lock-in, also called a rate ... Understand the difference between a rate lock and a rate quote.
     
  5. Mortgage Rate Lock Definition | Investopedia
    An agreement between a borrower and a lender that allows the borrower to lock in the interest rate on a mortgage over a specified time period at the prevailing ...
     
  6. Rate Lock Basics
    Rate lock basics involve the potential ups and downs of locking in an interest rate with a lender at a particular moment in time.
     
  7. Mortgage Interest Rate Lock-Ins, Rate Commitment from Lender ...
    Helpful guide to mortgage interest rate lock-ins, and rate commitment from lenders: benefits, fees, options...
     
  8. Loan Locks - When is the Best Time to Lock a Loan - What Does it ...
    A 30-day rate lock might cost the borrower one-half of a point; whereas a 60-day rate lock might cost one full point. These fees are not paid up front; they are paid ...