Lock-Jumper

Lock-Jumper

A borrower, usually refinancing rather than purchasing a home,who allows a lock to expire when interest rates go down in order to lock again at the lower rate.

See Mortgage Scams and Tricks/Scams by Borrowers/Lock Jumping.

The Mortgage Encyclopedia. Copyright © 2004 by Jack Guttentag. Used with permission of The McGraw-Hill Companies, Inc.
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