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Mortgage glossary
Rate Lock
A written agreement that holds a stated interest rate and, sometimes, points for a limited period if its conditions are met. It may expire, require an extension fee, or change if important application or loan details change. Review the lock period and conditions in writing.
In plain language
This term may appear in conversations, forms, or documents during the mortgage process. If something important changes in your situation, ask how it may affect your case before making a decision.
This explanation is general and educational. It is not personalized advice, a loan offer, or a promise of approval.