See lock_in.

an agreement between the loan applicants & the mortgage bankers guaranteeing a specified Interest rate for a designated period, usually 60 days.

After a buyer makes loan application for financing the purchase of a home, a few days or weeks may be necessary to process the buyer's application. During that time interest rates could change several times and unless a rate lock has been secured, the buyer will be subject to the new rates. Typical rate locks are for periods of 10, 21, 30, 45 and 60 days. Extended lock periods like 90, 120, 180 day, etc…are also available when more time is needed in cases such as new construction of a home. Some lenders allow a FLOATDOWN option which allows the buyer to lock in at current rates yet allow them to float down to a lower rate should rates fall.

a commitment by the lender to hold a promised interest rate and points for you for a specified period of time

a contractual agreement between the lender and buyer

a legal commitment between the lender and the borrower

a lender's commitment to "lock in" an interest rate and origination fee (points) for a period of time

a lender's guarantee of an interest rate for a set period of time, usually between loan application and loan closing

a lenders guarantee that your mortgage will come with a specific interest

a lenders guarantee that you will get a certain interest rate, number of points and other cost-related features

an agreement between ditech

an agreement that the lender will lend a certain amount at a specified interest rate if the loan closes by a deadline

a promise by the lender to honor a particular interest rate for a

a written agreement between the lender and the buyer guaranteeing a specific interest rate, provided the loan is closed within a set period of time

Lender's guarantee that rate quoted to the potential homebuyer will not change for a specific period.

The process of committing or "locking" in an interest rate for the loan. Rate lock terms usually last a duration of 10 to 60 days, although longer locks may be available. Rate locks are usually initiated by disclosure issued to the borrower indicating they agree with the rate and duration of the rate lock. If the rate duration expires before funding the loan the borrower may have to pay for a rate-lock extent ion to ensure its availability. See also Rate Float Down.

When a lender guarantees, for a specified time frame, that the mortgage rate quoted will not increase.

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. Also known as a Lock-in.

A commitment issued by a lender to a borrower guaranteeing a specifc interest rate for a specific period of time.

The guarantee from a lender "locking" in at a specific interest rate for a loan

A way in which you can guarantee that the interest rate on your loan remains the same between the time of your application, and when you qualify for the loan. When applying for a loan, you can lock the interest rate for a specified amount of time.

An agreement made by the borrower and lender to protect the interest rate, points or terms of the loan while it is processed.

Allows a NAB borrower to lock in the fixed interest rate that is quoted at the time of loan approval for up to 3 months. If interest rates change prior to the loan drawdown date then the borrower is guaranteed the original rate (provided the time between approval and drawdown is within the 3 months). A Rate Lock fee may be payable.

An agreement that guarantees a certain interest rate for a specific amount of time.

Refers to the agreement between the borrower and the lender or broker that as long as the loan is closed within a certain period of time (for example, 30 or 60 days), the interest rate on the loan will be set (locked) at an agreed- upon rate. A "rate lock" agreement must be in writing or it will be unenforceable.

An agreement in which a lender "locks in" or guarantees an interest rate for a specified period of time prior to closing. * See also "Lock-in"

A lenders commitment to a borrower or borrower's broker guaranteeing a specified interest rate for a specified period of time for a specified fee or price.

See ‘Lock-Inâ€(tm).

an obligation issued by a lender to a borrower that guarantees a specified interest rate for a specific period of time.

A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time. See lock-in.

A process whereby after receiving from the customer a signed rate lock agreement the lender will work with its investor to guarantee to the customer an agreed upon rate at closing. Rate locks are good for a fixed number of days. Typically 30, 45, or 60 days are locked but sometimes shorter or longer periods are available. However, if the original lock-in maturity date expires through no fault of the lender, there may be a fee charged to the customer to extend the lock-in for a longer period. Occasionally lock-ins are “floating locks” which means if the market rate goes down so will the locked in rate. The use of these rate locks varies from lender to lender. Most common are fixed rate lock-ins.

A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate and lender costs for a specified period of time.

A commitment of a lender to deliver to a borrower a specific interest rate for a stated period of time.

An agreement that guarantees the interest rate of loan for a set 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.

A specified interest rate, guaranteed to the borrower throughout a given period.

Rate of exchange Rate of interest

A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time. USA Mortgage's rate locks are 45 days.

A rate lock is the time period, usually 30 to 60 days, that a mortgage lender agrees to hold the mortgage rate and points payable by the borrower to the rate quoted by the lender on a given day.

A lender's commitment to lend money at a particular interest rate as long as the loan closes and funds within a specified time period. The lock protects against rate increases during that time.

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.

Rate lock is a contractual agreement between the buyer and the lender. This consists of four key elements: the loan program, the agreed-upon interest rate, points, and the term of the lock.

An agreement guaranteeing the homebuyer a specified interest rate provided the loan is closed within a set period of time.

When a borrower is approved for a loan at a specific rate of interest. Because rates fluctuate, an approved rate is only valid (or locked) for a specific period of time.

A written agreement in which the lender guarantees the borrower a specified interest rate, provided the loan closes within a set period of time.

An guarantee by the lender that the interest rate will stay the same, provided that the loan closes within the specified period of time.

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. Also known as Lock-in.

A commitment by a lender to guarantee an interest rate to a borrower for a given period of time. If the borrower's loan does not close within the specified period of time, the borrower might not be given the interest rate offered originally.

A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interst rate for a specified period of time. LoanScapes rate locks are 30 days.

The period of time for which a quoted loan rate is guaranteed against change due to market conditions

See Lock-In rate.

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 guaranteed interest rate is in effect.

A commitment provided by the lender guaranteeing a particular interest rate and/or feature for a definite time period. Provides protection against rising interest rates between the time of application and the closing of the loan.

A commitment by a lender to a borrower to provide a specified interest rate for a designated period of time for a specified loan amount and loan program.

A guaranteed rate of interest for a specific time frame on a mortgage loan.

A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time at a specific cost.

A commitment issued by a lender to a home buyer or to the mortgage broker guaranteeing a specific interest rate for a specified amount of time. See also lock. Back

An agreement between the mortgage banker and the loan applicant guaranteeing a specified interest rate for a designated period, usually 60 days.

Assures that the rate in effect on the date you submit your loan application, during loan processing, or at the time of final approval will be the final rate on your loan when funded. This assurance usually expires after a specified period of time.

A commitment issued by a lender or broker to a borrower, guaranteeing a specified interest rate for a specified period of time. Also called a lock-in, or rate commitment.

Rate Lock is a commitment by a lender guaranteeing a specified interest rate for a specified period of time also called lock-in.

The interest rate is locked and cannot fluctuate up or down. The borrowers are responsible for picking the time to lock the rate but it must be done 10 working days prior to closing. If the borrowers have not locked the loan and the loan officer cannot reach them the loan will be locked at the current rate 10 days prior to close. If, after the rate is locked, interest rates decrease, you will not be able to change to the lower rate.

a time period, such as 30 or 60 days, during which a lender agrees to hold the mortgage rate and points paid by the borrower to the rate quoted to the borrower on a particular day. The borrower then has that time frame to close before the rate and points may be changed

A lender's guarantee on a specific interest rate. 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. Rate lock is also called lock-in rate.

A verbal or written guarantee of an interest rate and fees provided by a mortgage originator to a borrower.

A rate lock is a contractual agreement between the lender and borrower. There are four components to a rate lock: loan program, interest rate, points, and the time-length of the lock.

The borrower and the lender agree to protect the interest rate, points and term of the loan while it is processed.

Choosing to have no change to a rate for a specific length of time.

Lender's commitment to borrower to guarantee a specific interest rate for a certain period of time.

A guarantee that a specified interest rate will be valid for a specific time period following a mortgage application.

An agreement by a lender to guarantee the interest rate offered for a mortgage provided that the loan closes within the specified period of time.

A written agreement guaranteeing the home buyer a specified interest rate provided the loan is closed within a set period of time. Also know as a Lock-In, usually specifies the number of points to be paid at closing. .

A lender's commitment to a borrower to guarantee (or "lock in") a specific interest rate for a limited amount of time.