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Lock Period

Lock Period also called mortgage lock-in period is the period of time that a lender will guarantee a specific interest rate. Rate lock-ins protect the borrower against rate increases during that period of time. A rate lock period typically lasts 15 to 60 days. To keep the mortgage rate the borrower has locked, borrower must close and fund the loan before rate lock expires.

Synonyms:
Mortgage Lock-in Period, Lock-in Period
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