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
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Limit on how much a borrower's payment can increase. ...
Process of simultaneously appraising several pieces of property. Normally, occurs when a local government conducts a reassessment. ...
Rainwater pipe attached to a roof gutter channeling the run off down and away form the building. ...
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Ownership interest in property that is above the minimum needed to meet uncertainties or a downward trend in real estate market. ...
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