Lock-in rate

A lender’s guarantee for a specific interest rate on a loan

Until you request a rate lock, a loan’s interest rate quoted by either a lender or broker is probably going to change due to market fluctuations. The rules on how to do this will vary from lender to lender and broker to broker, but typically you can request a rate lock after you submit your signed loan application/1003 and other requested forms. Don’t let a low rate slip through your fingers. Once you have settled on a rate, the lender usually guarantees the rate for 15, 30, 45 or 60 days.

See: Lock period