Lock

Definition

An option exercised by the borrower, at the time of the loan application or later, to "lock in" the rates and points prevailing in the market at that time.

The lender and borrower are committed to those terms, regardless of what happens between that point and the closing date

Related Terms

Other terms related to 'Lock' starting with the letter 'L'

Loan amount, Lock failure, Loan provider, Loan to value ratio, Lease to own purchase

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