LockInRate Financial Glossary
What is it? A commitment from a lender to make a loan at a preset interest rate at some future date, usually for not more than 60 days. A fee may be charged to lock-in a rate.Finance Term Definition Added By: Carter
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Other Similar Finance Terms:
Financial Term Interest Rate is The amount of interest charged on a monthly loan payment. Usually expressed as a percentage.Financial Term Adjustable Rate Mortgage (ARM) is A mortgage loan in which the interest rate is subject to periodic adjustment up or down according to the movement of a pre-arranged index - such as the Cost of Funds Index or an institutions cost of providing savings accounts (see Interest Rate, Index, Fixed Rate Mortgage, Cost of Funds Index).
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