rate lock

noun

  • Real Estate Law
  • Banking and Finance

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.