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lock-in period

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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.



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16) Are you prepared to give me the details of the lock-in period in writing?
The lock-in period was not attractive to investors at the time,' she said.
The lock-in period you choose will of course depend on how long you want to keep the interest rate and on how much you can afford to pay.
 
 
 
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