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:
- 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, ...
- 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 ...
- 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 ...
- 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.
- 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 ...
- 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.
- 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...
- 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 ...