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Mortgage
Rate Lock
A mortgage
rate lock also called a lock-in, is a lender's promise to issue you
a particular interest rate and number of points (if applicable. A
mortgage rate lock typically locks your rate while your loan
application is processed over a pre-determined period of
time.
A mortgage rate lock can be valuable, especially when it can take
the lender several weeks to prepare, document, and evaluate your
loan application. Remember, just as a mortgage rate lock can
protect you from a rate increase, a rate lock could also
prevent you from taking advantage of rate decreases, unless your
lender is willing to lock in a lower rate that becomes available
during this period.
Mortgage Calculators - Use our mortgage calculators to calculate
a mortgage payment, compare different mortgage loan options, and
calculate how much mortgage you can afford.
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