Rate lock

Rate lock

An agreement between the mortgage banker and the loan applicant guaranteeing a specified interest rate for a designated period, usually 60 days.

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.
References in periodicals archive ?
Arbor Realty Trust funded a Fannie Mae Streamlined Rate Lock (SRL) loan in Chicago, IL.
Incorrectly charged customers for mortgage rate lock extension fees.
Wells Fargo reached an agreement with all 50 state Attorneys General and the District of Columbia regarding previously disclosed retail sales practices, auto collateral protection insurance and Guaranteed Asset/Auto Protection, and mortgage interest rate lock matters.
Drawing on their deep understanding of Fannie Mae's programs, they leveraged Fannie Mae's Streamlined Rate Lock (SRL) option to lock the rate shortly after receiving the application and close within 23 days.
In terms of customer remediation, WFC disclosed that $171 million of it was related to its foreign exchange business, $114 million was related to its wealth and investment management business, and the remainder included further accruals related to auto insurance and mortgage interest rate lock matters.
Travellers with the gocash Cleartrip card can enjoy greater value-added benefits like exclusive offers and discounts when booking through Cleartrip.ae website and mobile app, earn gocash Wacao Reward points as well as avail exchange rate lock facility on the card and free travel insurance from UAE Exchange.
And Scott Parrish, Garney's chief operating officer, praised the rate lock in remarks to the board before its vote.
Use borderless full screen with a refresh rate lock synchronized to your display rate (the lock has been reported as 60Hz, because that's the maximum refresh rate on many displays)
"The rate lock is a legally binding commitment, which among other things requires a Good Faith Deposit to be provided to the lender.
The board reviewed a presentation by Denise Beatty of Towne Mortgage of the Carolinas (NMLS#512138), of an extended rate lock program to assist borrowers in securing a rate.
The application includes prepayment of costs, an only-partially refundable fee, and--if you make to the commitment stage a substantial rate lock deposit.
Capital Senior said it executed early rate lock agreements on USD 45.0m of mortgage debt for two communities at an interest rate of approximately 3.85% with a 10-year maturity.