Maximum Lock


Definition of "Maximum Lock"

Deb Fisbeck
  Keller Williams Lincoln


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.





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