Maximum Lock
Definition of "Maximum Lock"
The longest period for which the lender will lock the rate and points on any program. On most programs, the longest lock period is 90 days; some go to 120 days and a few to 180 days. It is extremely important that the lock period selected be long enough to cover your home purchase closing. On a refinance, the period must be long enough for the loan to be processed. This can vary widely, depending on the lender's workload. Discuss the time required with the broker or lender.
Popular Mortgage Terms
A mortgage lender or mortgage broker. ...
A documentation requirement where the applicant's income is not disclosed. ...
Cost-of-Funds Index, one of many interest rate indexes used to determine interest rate adjustments on an adjustable rate mortgage. ...
In connection with a home, the value of the home less the balance of outstanding mortgage loans on the home. ...
The monthly mortgage payment which, if maintained unchanged through the remaining life of the loan at the then-existing interest rate, will pay off the loan at term. ...
The period over which the borrower is obliged to make payments. On most mortgages, the payment period is a month but on some it is biweekly. It is not necessarily the same as the Interest ...
A mortgage on which interest is calculated daily based on the balance on the day of payment, rather than monthly, as on the standard mortgage. ...
Rates and points quoted by loan providers. You cannot safely assume that mortgage price quotes are always timely, niche-adjusted, complete, or reliable. Timeliness: Most mortgage lenders ...
A bundle of mortgage characteristics that lenders view as comprising a distinct category. The characteristics used include whether it is an FRM, ARM, or Balloon, the term, the initial ...
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