A commitment by a lender guaranteeing a certain interest rate for a specific period of time at a specific cost.
The prohibition of prepayment of a loan secured by a mortgage or deed of trust, so that the borrower is "locked in" to the loan for a specified period.
A mortgage lender's commitment and written agreement to guarantee a specified interest rate to a homebuyer, given that the loan closes within a period of time. The lock-in also details the number of points to be paid at closing.
The act of committing to a mortgage rate. Opposite of float.
A provision that requires that enrollees remain in a health care plan for a specified period of time. See open enrollment.
See " interest rate lock".
A guarantee, by a lender to a borrower, to guarantee a specific interest rate for a specified period of time.
Term used to describe a period of time for which enrollees are not permitted to disenroll from their health plans.
A written guarantee stating that the homebuyer will receive a specified interest rate and points to be paid at closing, provided the loan is closed within a set period of time.
A written guarantee from a lender that the buyer will receive a specific interest rate for a specific period of time. Also known as Rate Lock and Rate Lock-In.
A guaranteed interest rate that is usually offered when the loan is closed within a specific time period.
A guaranteed loan interest rate for a determined period of time.
A mechanism which freezes the interest rate that will be charged on a particular loan for a certain time period. Mello-Roos (or Special Taxing District) - A legislative act that allows for the creation of a Community Facilities District assessment. This assessment ensures that critical facilities like schools, roads, water and sewer facilities, etc., are available to serve the first home owners. Assessments vary by district. Negative Amortization - This happens when monthly payments (held down by an interest cap) are less than the amount necessary to pay off the loan over the established time period.
A guarantee from a lender for a specified interest rate and point combination if a mortgage goes to closing within a set period of time.
Interest rates frequently change. Many lenders offer a lock-in that guarantees a specific interest if the loan is closed and funded within a specific time.
A written agreement by the lender which guarantees a quoted interest rate will remain the same for a specified time period.
A guarantee, for which a fee is generally charged, that a specific rate will be received when the mortgage is closed.
Written agreement guaranteeing a specified interest rate if a mortgage is closed within a set time period. The lock-in also usually specifies a number of points to be paid at closing.
When a borrower tells a lender that he or she accepts an interest rate for a specific amount of time.
The guarantee of a specific interest rate and/or points for a specific number of days from day of lock-in agreement. margin The amount a lender adds to the index on an adjustable rate mortgage to establish the adjusted interest rate.
A written agreement guaranteeing the home buyer a specified interest rate and discount points on a mortgage loan.
A term to obtain the interest rate at today's rate, or lock-in the rate.
Borrowers get a guaranteed interest rate (in effect at the time of the loan application) for a specific period of time.
An offer to lock-in an interest rate that guarantees a specific interest rate.
A written agreement guaranteeing a specific interest rate and point cost on a specific loan. The loan must close within a specific period of time.
Home mortgage interest rates vary from day to day. While you buy a home and secure financing, you may decide to lock in a particular interest rate with your lender. This lock-in guarantees that your home loan will be processed with this rate, even if interest rates rise before your loan closes.
A written agreement guaranteeing the homebuyer a specified interest rate provided the loan closes with that buyer within a set period of time.
A guarantee that a mortgage's interest rate will be the same at the end of the loan approval process as it was in the beginning. Especially sought after when interest rates are fluctuating. GO TO TOP
A written agreement from the lender to offer a specified interest rate if the mortgage goes to closing within a set period of time.
An agreement guaranteeing the borrower a specified interest rate provided the loan is closed within a set period of time. This will allow you to hold a rate if you are concerned it will go up before you can get a chance to get started in the escrow process.
Lender's guarantee that the mortgage rate quoted will be good for a specific amount of time. The home buyer usually wants the lock to stay in effect until the date of the closing.
The process by which a lender commits to lend at a particular rate as long a the mortgage transaction closes within a specified time period. The document which specifies the terms of the lock-in is called a rate commitment or lock-in agreement
An binding agreement by the lender to the buyer at the time of mortgage application or shortly thereafter, to honor the mortgage at a specific interest rate, even if rates rise or fall before the date of closing. If rates are rising, it's wise to lock. If rates are falling, it may be best to wait. All lock-ins have specific expiration dates, such as 30, 60 or 90 days in the future.
A lender's promise to hold a certain interest rate and a certain number of points for the borrower, usually for a specific amount of time; also called a rate-lock or a rate commitment.
An agreement in which the lender agrees to "lock-in" the borrower's interest rate for a set period of time before closing.
A written agreement stating the terms of a borrower's specified interest rate and discount point selection.
A written agreement guaranteeing the home buyer/owner a specified interest rate provided the loan is closed within a set period of time. There is sometimes a point that is paid in advance to lock-in at a specific rate/time.
A lender's promise to guarantee an interest rate or points for a set period during the qualifying process.
A written agreement in which the lender guarantees a specified interest rate if a mortgage goes to closing within a set period of time. The lock-in also usually specifies the number of points to be paid at closing.
A written agreement guaranteeing the home buyer a specified interest rate provided the loan is closed within a set period of time. The lock-in also usually specifies the number of points to be paid at closing.
An agreement between a lender and a borrower, guaranteeing an interest rate for a loan if the loan is closed within a certain amount of time.
The guarantee of a specific interest rate and/or points for a specific period of time. Some lenders will charge a fee for locking in an interest rate. Go to Top
An assurance of a given interest rate at the time of settlement. For example, if the interest rate is at 7.5% when you apply for a loan, it may have risen (or fallen) by the time the loan is approved. A lock-in ensures that you will get the original interest rate. Some lenders charge a fee for locking in an interest rate. Lump sum payment A sum of money paid at one time, as opposed to spreading payments over a period of time.
Allows the borrower to be assured a given rate of interest for a mortgage. This usually involves paying a fee to the lender. Mortgage rates not "locked in" are subject to changing market conditions.
A lender's guarantee of an interest rate and related points for a set period of time, usually between loan application and loan closing, which protects borrower against rate increases during that time.
A written agreement in which the lender guarantees a specified loan program interest rate and points if a mortgage goes to closing within a set period of time.
Usually anywhere from 30 to 270 days, a lock-in is the timeframe that a lender can guarantee interest rate and points agreed on by both the lender and the purchaser.
No, it's not when you're trapped in the lender's office and can't get out. Rather, a lock-in is an agreement in which the mortgage lender guarantees a specified interest rate for a certain amount of time. The time period during which the lender has guaranteed a rate to a borrower is known as the lock-in period.
The number of days a lender can guarantee interest rate and points that are agreed upon by both lender and purchaser. This may be anywhere from 30 days to 270 days.
the fixing of an interest rate at a certain level, usually during the loan application process. mostly done for a certain period of time, such as 30 or 60 days.
When a borrower signals to a mortgage company that he or she has decided to lock in, or take, a particular interest rate for a specific amount of time. The mechanism by which a borrower locks in the interest rate that will be charged on a particular loan. Usually, the lock lasts for a certain time period, such as thirty, forty-five, or sixty days. On a new construction, the lock may be much longer. [] Maintenance Fee The monthly fee charged to condo, co- op, or town house owners, and paid to the homeowners' association, for the maintenance of common property. Maintenance fee can include heat, hydro, water, central air conditioning, parking, building insurance, TV cable, common elements.
A written agreement between the lender and borrower for a specified period of time in which the lender will hold a specific interest rate, origination and/or discount point(s).
The fixing of an interest rate or points at a certain level during the loan application process. It is typically fixed for a specified amount of time, such as 20-30 days or some other period of time determined by the lender.
The process of fixing the interest rate for a specific period of time irrelevant of future or impending economical changes to the interest rate. This process may require a fee or premium as it reduces your risk that the monthly payments will change while the loan paperwork is filed.
A guarantee - for which some lenders charge you a fee - that you will receive a specific rate when you close your mortgage. ( Naples Home Loans does not charge a fee for locking in your rate) The rate lock is time sensitive. 15,30,60,90 days. Make sure you know how long you are locked in for and that your lender is able to close within that time period.
An agreement in which the lender guarantees a specified interest rate for a certain amount of time at a certain cost.
A specific time period, usually 30-60 days, during which a mortgage lender agrees to hold the mortgage rate and points payable by the borrower to the rate quoted when the application was taken by the lender.
A written agreement in which the mortgage lender guarantees a specified interest rate if the loan closes within a set time.
A lock-in (also called a rate lock) is commitment by a lender to make a loan at a guaranteed interest rate for a specific period of time. A lock in protects the borrower against interest rate increases and shifts the risk of changes in market interest rates to the lender. An auto lender will usually guarantee interest rate for 30 days.
A written agreement from the lender to offer a specified interest rate if the mortgage closes in a certain time period.
guaranteed specified interest rate to the borrower provided that the loan is paid within a period of time. You might end up paying higher interest rate to obtain a lock-in.
When interest rates are volatile, many borrowers want to "lock in" an interest rate and many lenders will oblige, setting a limit on the amount of time the lock-in is in effect.
a legal agreement of what the interest rate for the mortgage loan will be at time of closing
The fixing of an interest rate or points at a certain level, usually during the loan application process. It is usually done for a certain period of time, such as 60 days, and may require a fee or premium in the form of a higher interest rate.
A mortgage lender's written commitment to guarantee a specified interest rate to the mortgage borrower provided that the loan is closed within a set period of time. The lock-in should specify the number of points to be paid at closing. For the privilege of locking in the rate in advance of the closing of a loan, you may pay a slight interest rate premium.
Also called a rate lock, a lock-in is a lender's commitment to make a loan at a pre-set interest rate for a pre-set number of days. A rate lock protects borrowers against interest rate increases, and shifts the risk of changes in market interest rates to the lender. [] Manufacturer's rebate A money-back program that auto makers offer consumers directly to boost sales of less popular models and to reduce inventories.
A lender's guarantee of an interest rate for a set period of time. The time period is usually that between loan application approval and loan closing. The lock-in protects you against rate increases during that time.
A written agreement guaranteeing the homebuyer a specific interest rate provided the loan closes within a set period of time. The lock-in also usually specifies the number of points, if any, to be paid at closing.
The terms "lock" or "lock-in" refer to a lender's agreement to guarantee a borrower a specified rate of interest on a mortgage loan for a certain period of time.
The amount of time that a lender will guarantee a loan's interest rate. Once you've locked in the interest rate on a loan, the lender will guarantee that rate for a certain period of time, usually for 30, 45 or 60 days. Usually a contractual agreement guaranteeing the home buyer a specified interest rate provided the loan is closed within a set period of time.
A guarantee - for which you are usually charged a fee - that you will receive a specific rate when you close your mortgage.
The time at which an interest rate is set and the length of time the rate will be held prior to the closing of a loan.
since interest rates can change frequently, many lenders offer an interest rate lock-in that guarantees a specific interest rate if the loan is closed within a specific time.
A lender's commitment to a borrower to guarantee (or "lock in") a specific interest rate for a limited amount of time.
When interest rates are volatile, many borrowers want to ( See Related Terms)
A guaranteed interest rate established at the time of closing which is honored if the mortgage closes within a certain period of time, also usually establishing the number of points to be paid at closing as well
refers to a written agreement guaranteeing a home buyer a specific interest rate on a home loan provided that the loan is closed within a certain period of time, such as 60 or 90 days. Often the agreement also specifies the number of points to be paid at closing. mortgage is a document signed by a borrower when a home loan is made that gives the lender a right to take possession of the property if the borrower fails to pay off the loan.
Written agreement in which a lender guarantees a specific interest rate if a loan closes within a set period of time. The lock-in may also specify the number of points to be paid at closing.
A lender's guarantee that the mortgage rate quoted will not change for a specific period. The borrower wants the lock to stay in effect until closing.
A lock period refers to the amount of time prior to closing that you can secure an interest rate for your loan. Generally, lock periods range from 30 days to more than 90 days. Generally, the longer the lock period, the more you pay in points or interest.
period of time during which a potential borrower and a lender have agreed to a specific interest rate.
An agreement by the lender at the time of mortgage application or shortly thereafter, to write the mortgage at a specific interest rate, whether rates rise or fall up to the date of closing. Obviously a good move if rates are rising, not so good if they are falling. Lock-ins have specific expiration dates, such as 30, 60 or 90 days in the future.