A written agreement guaranteeing the homebuyer a specified interest rate provided the loan is closed within a set period of time; The lock-in also usually specified the number of points to be paid at closing
Formal commitment to lend a specific amount or at a specific rate, guaranteed for a specific time period.
The interest rate the lender guarantees to the borrower provided the mortgage is closed within a certain time period.^Back to the top
A written agreement guaranteeing a specific interest rate when your mortgage closes.
An agreement in which the lender guarantees a specified interest rate for a certain amount of time at a certain cost.
The interest rate percentage for the loan that will remain the same until funding.
A commitment from a lender to make a loan at a pre-set interest rate at some future date, usually for not more than 90 days.
The interest rate on a loan as committed to by the lender.
A commitment from a lender to make a loan at a preset interest rate at some future date, usually for not more than 180 days. A fee may be charged to "lock in" a rate.
An interest rate the lender guarantees to the borrower provided the mortgage is closed within a certain period of time. The borrower pays a fee for this guarantee.
A commitment from a lender to make a loan at a pre-set interest rate at a future date, usually between 15 to 60 days. A fee may be charged to lock in a rate.
A commitment made by a lender to make a mortgage loan at a specified rate, pending loan approval, on or prior to a specified date.
A written agreement guaranteeing a specific mortgage interest rate for a certain amount of time.
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.
An interest rate the lender guarantees to the borrower provided the mortgage is closed within a certain time period. The borrower may pay a fee for an extension of this period.
A lender's guarantee for a specific interest rate on a loan. Until you request a rate lock, a loan's interest rate quoted by either a lender or broker is apt to change due to market fluctuations. The rules on how to do this will vary from lender to lender and broker to broker, but typically you can request a rate lock after you submit your signed loan application/1003 and other requested forms. Don't let a low rate slip through your fingers. Once you've settled on a rate, the lender usually guarantees the rate for 15, 30, 45 or 60 days.
A lender’s commitment to freeze a mortgage loan rate during loan processing. Lock-in periods and fees vary.
Some lenders will obtain a commitment from a lender to guarantee a certain interest rate or other loan feature for a set period of time, usually from thirty days to one year for a prepaid fee. This can protect a borrower from interest rates rising while the application and closing takes place. back