TeachMeFinance.com - explain Lock-in
-- since interest rates can change frequently, many lenders offer
an interest rate lock-in that guarantees a specific interest rate
if the loan is closed within a specific time.
Lock-in -- refers to a written
agreement guaranteeing a home buyer a specific interest rate on a home loan provided that
the loan is closed within a certain period of time, such as 60 or 90 days. Often the
agreement also specifies the number of points to be paid at closing.
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