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
Repairing the street for safety and attractiveness. In some localities, such as on Long Island, the home owner is responsible for properly maintaining the street surrounding his home. ...
The Debt-to-Income Ratio’s (DTI) definition is a measure that allows one to compare the ability an individual has to afford a monthly debt payment out of their monthly gross income. ...
Association of people not treated as a corporation. Examples are a limited partnership and a group of cooperative owners. ...
When we talk about agency as a real estate concept, we understand the relationship between the real estate agent and the client. However, the term dual agency defines a type of agency that ...
Amount charged for each unit of rental property. An example of a unit might be square footage of space or an apartment. ...
Right of an individual to be offered something before it is offered to others. For example, a tenant whose apartment is going to be converted to a cooperative has the first right of ...
Low level of land positioned between mountains or hills. ...
In insurance, charging the lowest rate accorded an insurance policy covering a minimum risk classification situation. For example, a homeowner's insurance for a home located within 500 feet ...
Availability of land in an urban area. ...
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