lock-in period

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.

lock-in period

(1) The period of time during which a loan may not be prepaid.(2) The period of time during which a lender will guarantee a certain interest rate on a loan to be extended by it in the future.

References in periodicals archive ?
This can involve paying a fee to the lender, depending on the length of the lock-in period.
The best time to trade-in is now, so extending the lock-in period helps consumers get the best value for their old iPhones and not be without a device before the new iPhone is available.