What Is A Rate Lock?
Definition of "What is a rate lock?"
A rate lock is a commitment issued by a lender to a homebuyer or to the mortgage broker guaranteeing a specific interest rate for a specified amount of time.
Popular Real Estate Questions
Popular Real Estate Glossary Terms
The term master deed is a deed filed by a condominium developer or converter to record all of the individual condominium units owned within a condominium development. For example, a ...
The assessment sales ratio is a way of measuring the accuracy of a property’s assessed value when compared to the property’s selling price. This measurement gives the ...
Functional utility in real estate typically defines a property’s usefulness to the homeowner or lessee. The more purposes it can fulfill, the better. For instance, you can call a ...
Individual engaged in selling a product or service. The product may be an investment in real estate. In some instances, state law may require licensing to safeguard the public by requiring ...
One who has died with a valid will in effect. ...
Credential awarded by the International Association of Assessing Officers to appraisers of real property working for a government body. ...
Rule stating that the monthly mortgage payment, property taxes, and insurance should not exceed 25% of a family's monthly gross income, or about 35% for a Federal Housing Administration ...
Building that is elaborately built with columns in a symmetrical way, generally with three floors and a gabled roof. ...
Amount to be paid by a person or business for violating a statute or legal court order. It may also be assessed for violating the provisions of a contract. Examples of penalties are a ...
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