Definitions of rate lock
an agreement by a lender to a borrower to keep a certain interest rate for a certain amount of time
The rate lock period is 30 days.
Phrase Bank for rate lock
If for any reason The Wall Street Journal is not published on the Rate Lock Date, the Bank shall use the first published Prime Rate prior to the Rate Lock Date.
The Borrowers agree to execute such additional documentation as Lender shall reasonably request in connection with such Conversion Loan, including a rate lock agreement.
This shall be subject to disclosure by Purchaser of the amount of all costs) to reimburse Purchaser for any out-of- pocket cost payable by Purchaser to Purchaser’s Lender to extend any loan commitment including the cost of any rate lock or spread lock extension.
Do you charge for an interest rate lock?
The Consumer Financial Protection Bureau was also looking into the issue and apparently planned to fine the bank for the improper rate lock fees.