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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Insulating material attached to crevices around doors and windows to prevent air from either entering or escaping from a structure. Tacked, stapled, or glued onto the surfaces of the doors ...
Giving one's approval to another, e.g., a fiduciary, to manage his or her finances. ...
Large scale map of an urban area detailing land use. City plans are essential for projecting the growth, development, and redevelopment of the urban area. The major objective of a city plan ...
An easement granted to a public utility. ...
Amount by which the appraised value of property exceeds the debt balance. If property has a fair market value of $ 250,000 while the mortgage balance is $110,000, the owner's equity in the ...
An adjustment to the internal rate of return (IRR) computation so as to improve this measure. This uses a risk-free after-tax rate and a customary rate for money reinvestment. ...
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