A designated period of time during which a borrower and a lender have agreed to a specific interest rate. Most locks are from 30 to 45 days. This usually involves paying a fee to the lender. Mortgage rates not "locked in" are subject to changing market conditions. Under some conditions, if you lock and the rates drop, the better rate can be obtained.
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.
Committing to a mortgage rate. Usually a rate is locked for a certain period of time (Lock Period - 15, 30, 60 days, etc.). Opposite of float. Marketable Title: Property title free and clear of objectionable liens, clouds or other defects allowing the owner to sell freely.
a commitment by a lender to provide a specific rate for a specific time, often in exchange for a fee
a commitment to lend a specified amount at a specified price
a guarantee by the lender to give you a specific interest rate
a legally binding contract between a lender and a borrower binding both parties to a loan at a certain rate
an agreement between the borrower and the lender that guarantees an interest rate will be available for a set period of time
an agreement between you and your lender that specifies the number of days for which a loan's interest rate and points are guaranteed
a promise to hold that rate made by the lender for a certain period of time
A written agreement guaranteeing the home buyer a specified interest rate with specified points, provided the loan is closed within a set period of time. The lock also usually specifies the number of points to be paid at closing.
A guaranteed loan interest rate for a determined period of time.
the fixing of the interest rate at a certain level during the loan application process. It is usually done for a certain period of time such as 30, 45 or 60 days.
A written agreement by the lender which guarantees a quoted interest rate will remain the same for a specified time period.
An option exercise by the buyer to “lock in” the rates and terms of a loan for a specified amount of time. For examples, a borrower may get a 30-day lock at a rate of 7%. At this point the borrower and lender are bound by the terms of the lock, regardless of the current market conditions.
The act of committing to a mortgage rate. This action is taken by a borrower sometime between the application and the closing dates. Opposite of float. This can be done during the initial loan application process.
A lender's guarantee of an interest rate for a specific time period, usually the period between loan application approval and loan closing. The lock in protects the applicatnt against rate increases during that time.
A commitment from a lender which gives the borrower a particular interest rate or feature for a definite time period. Provides protection should interest rates rise between loan application, loan approval, closing and receiving borrowed funds. argin - An amount, which is added to the index, or measurement to determine the interest rate for adjustable rate mortgages.
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.
A lender's promise to hold a certain interest rate and points for you, for a given number of days, while your loan application is processed. The interest rates quoted to you may stay the same, decrease, or increase from the day you apply for your mortgage.
An agreement by your lender to guarantee a specified interest rate for a certain period of time.
Borrower's particular interest rate at a certain time during the loan process guaranteed by the lender. This is called "locking" your rate. Once the rate is locked, the lender cannot change the rate and neither can you.
Lender's guarantee that the mortgage rate quoted will be good for a specific number of days from day of application.
An option that can be exercised by the borrower that guarantees a specific interest rate over a period of time.
A commitment from a lender to guarantee an interest rate for a borrower for a period of time. Rate locks expire after an agreed upon time.
A commitment you obtain from a lender assuring you a particular interest rate or feature for a definite time period. Provides protection should interest rates rise between the time you apply for a loan, acquire loan approval, and, subsequently, close the loan and receive the funds you have borrowed. A fee may or may not be charged to “lock in” your interest rate.
Rates and costs change daily (sometimes more often). You may select a rate at a given cost at any time during the loan process, from before your application to when your transaction is submitted to the title company for sign-off. This is called locking your rate. Once locked, the lender cannot change the rate, and neither can you.
in The process by which a lender commits to lend at a particular rate as long as 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. Mortgage life insurance Term life insurance paid by the borrower in which the amount of coverage decreases as the mortgage balance declines. In the event the borrower dies while the policy is in force, the debt is automatically satisfied by insurance proceeds.
A lender's guarantee of an interest rate for a specific period of time. The time period is usually between the loan application approval and loan closing. The borrower wants the lock to stay in effect until closing.
An option exercised by the borrower, at the time of the loan application or later, to lock in the rates and points prevailing in the market at that time. The lender and borrower are committed to those terms, regardless of what happens between that point and the closing date.
Also called a "rate lock". A commitment by the lender to guarantee a specific interest rate if a mortgage closes within a set period of time (usually 30, 45 or 60 days), after which the guaranteed rate will expire. At the time of application, the borrower is given the option to immediately lock the rate, or "float" the rate to see if a better interest rate will come along. Because interest rates can fluctuate from day to day, it's a good idea to pay close attention to the current market to determine whether or not rates may go up or down.
A lender's guarantee of an interest rate and related points for a set period of time, usually between loan application and loan closing. Protects borrower against rate increases during that time.
Lender's guarantee that the mortgage terms quoted will remain in effect for a specific number of days (during loan processing) despite market changes.
The period, expressed in days, during which a lender will guarantee a rate. Some lenders will lock rates at the time of application while others will allow the borrower to lock the rate after the application is taken.
The act of committing to a mortgage rate. This action, taken by a borrower sometime between the application and the closing dates, is sometimes accompanied by a payment by the borrower to the lender. Opposite of Float.
A guarantee placed on a loan confirming an interest rate. Negotiated by borrower; a lock guarantees what the final rate at closing will be, provided the lock doesn't expire. Lock periods range from 15-180 days.
A lender's written contract guaranteeing a specific interest rate over the life of the loan to the borrower as long as the loan is closed by a certain time. The downside to locking in an interest rate is that the borrower may have to pay a slight interest rate premium.
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 commitment you obtain from a lender assuring you a particular interest rate or feature for a definite time period. Provides protection should interest rates rise between the time you apply for a loan, acquire loan approval, and, subsequently, close the loan and receive the funds you have borrowed. Margin: An amount, usually a percentage, which is added to the index to determine the interest rate for adjustable rate mortgages.
Parental lockout. Allows for the selection of the rating you would like to watch according to the rating selected on the DVD player. See Video Ratings Guide
The period, expressed in days, during which a lender will guarantee a rate. Request information from your lender regarding lock procedures.
The commitment obtained from a lender assuring you a particular interest rate and/or feature for a definite time period. Provides protection against rising interest rates between the time you apply for a loan, obtain loan approval, and, close the loan thus receiving the funds you applied to borrow.
A commitment obtained from a lender assuring a particular interest rate or feature for a definite time period. Provides protection should interest rates rise between the loan application, loan approval, and closure and receipt of the borrowed funds.
Interest rates change frequently; a lender will lock-in an interest rate near the start of the mortgage process, attempting to get the most favorable rate.
A guarantee that a quoted interest rate will be valid for a specific time period following a mortgage application.
To commit to an interest rate and fees.
Guaranteeing an interest rate for a set period of time.
Describes a guaranteed interest rate offered to the borrower for a set period by the lender. Most 'lock in' periods last from thirty to sixty days. argin Used to describe the amount above an interest rate that added together will determine the rate of the APR (annual percentage rate).
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.