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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One-story house with a low pitched roof often having an open floor plan. ...
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protective wall along a roof or below a terrace. ...
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The endorser stipulates something such as that the transferee cannot use the funds for six months. ...
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