Meaning / Definition of
Lock
Categories: Loan and Mortgage, Credit and Debt, Real Estate,
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. See Locking the Price of a mortgage loan, and Mortgage Concepts Home Buyers Should Know.
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Categories: Insurance,
removed
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