A lock-in agreement (rate lock) is a written commitment by a lender to hold a specific interest rate for a borrower for a certain period, usually prior to closing.
“A lock-in agreement is a written agreement guaranteeing the applicant a specified interest rate for a designated period.”
— SAFE MLO National Test Study Guide; CFPB Mortgage Glossary
[References:, , CFPB, Rate Lock, , SAFE MLO National Test Study Guide, , ===========, , ]
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