Definitions for "Lock-In-Rate"
A commitment made by lenders on a mortgage loan to a certain interest rate pending the loan closing.
A commitment made by lenders on a mortgage loan to "lock in" a civilian rate pending mortgage approval. Lock-in periods vary.
An interest rate which consumers can lock with lenders to ensure the rate does not change between the time they lock and eventually decide to buy. This option protects the buyer who wishes to ensure their rate is low and doesn’t rise when they eventually decide to purchase a home and open a loan.