Locked-In Interest Rates financial definition of Locked-In Interest Rates
locked-in interest rate (redirected from Locked-In Interest Rates)
Locked-In Interest Rate
A proposed interest rate
on a mortgage loan
that a bank
agrees not to change unless the loan has not been finalized after a certain period of time. This period of time usually lasts for 60 days.
locked-in interest rate
An agreement by a lender to grant a particular interest rate on a loan that is funded by the expiration date.For consumers,the lock-in is sometimes free,sometimes there is a charge,and sometimes the initial lock-in is free but any extensions will require payment of a fee.On commercial loans,there is almost always a commitment fee for an interest rate lock.
References in periodicals archive
This is due to lower debt, lower interest rates, and the rate protection assured by the new locked-in interest rates