Definition of "Lock"
The number of days that the lender guarantees the loan's rate and terms. Without a written lock-in agreement, the lender is free to change the rate and terms at the time of loan closing. A slight increase in rate is commonly charged by lenders for lock-ins.
Popular Real Estate Terms
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Effect on the market price of houses as interest rate change. For example, when mortgage interest rates rise, the prices of houses tend to fall. ...
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