Definitions for "Lock-In Rate"
Keywords:  commit, pending, guarantee, apt, vary
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.
A commitment made by lenders on a mortgage loan to "lock-in" a rate pending mortgage approval. Lock-in periods vary.
The rate commitment made by lenders when making a mortgage loan to commit to that rate prior to loan approval. Lock-in periods vary; the lender will specify the period.