Rate Lock
(redirected from Lock-In Rate)

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Rate lock

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

Rate Lock

An agreement between a mortgage bank and a potential borrower promising that that the bank will not change the proposed interest rate on a loan that has not been concluded for a certain period of time. The rate lock usually lasts for 60 days.

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Rate Lock (redirected from Lock-In Rate)

Rate Lock
(redirected from Lock-In Rate)