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locked-in interest rate

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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.



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That, in turn, can break the contract and negate the 30-day, locked-in interest rate set by lenders, agents say.
quot;It would be nice if a dozen different lenders were knocking on your door, offering you great locked-in interest rates on long-term home loans, but that''s probably not the case.
Immediately learn the locked-in interest rate for every mortgage application and learn for how long the interest rate will be locked in;
 
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