Rate lock

An agreement between the mortgage banker and the loan applicant guaranteeing a specified interest rate for a designated period, usually 60 days. The New York Times Financial Glossary

Financial and business terms. 2012.

Look at other dictionaries:

  • rate lock — An agreement between the mortgage banker and the loan applicant guaranteeing a specified interest rate for a designated period, usually 60 days. Bloomberg Financial Dictionary …   Financial and business terms

  • rate-lock selling — Underwriters of corporate bonds sell Treasuries to hedge what they will take in a planned underwriting. Bloomberg Financial Dictionary …   Financial and business terms

  • Mortgage Rate Lock Float Down — A mortgage rate lock with the option to reduce the locked interest rate if market interest rates fall during the lock period. A rate lock with a float down option can provide the borrower with security against an increase during the rate lock… …   Investment dictionary

  • Mortgage Rate Lock — An agreement between a borrower and a lender that allows the borrower to lock in the interest rate on a mortgage over a specified time period at the prevailing market interest rate. The lender may charge a lock fee, which the borrower must pay if …   Investment dictionary

  • Mortgage Rate Lock Deposit — A fee that a lender charges a borrower that allows the borrower to lock in an interest rate for a certain time period with the expectation that the borrower s mortgage will fund within that time period. The longer the lock period, the larger the… …   Investment dictionary

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  • Lock Iffezheim — (Schleuse Iffezheim in German) is a river lock on the Rhine near Iffezheim in Baden Württemberg, Germany. The two passages of the lock serve to allow ships and barges to bypass the hydropower station on the French side of the river. It is one of… …   Wikipedia

  • Lock Haven, Pennsylvania — Infobox Settlement official name = Lock Haven, Pennsylvania other name = native name = nickname = settlement type = motto = imagesize = image caption = Clinton County Courthouse in Lock Haven flag size = image seal size = image shield = shield… …   Wikipedia

  • Lock Period — A number of days, often 30 or 60, during which the interest rate promised on a pending mortgage loan cannot be changed. Because mortgage interest rates can fluctuate while you are shopping for a home, borrowers who are waiting to close on a home… …   Investment dictionary

  • Lock (water transport) — Canal lock and lock keeper s cottage on the Aylesbury Arm of the Grand Union Canal at Marsworth in Hertfordshire, England …   Wikipedia

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