locked-in interest rate

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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.
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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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.