Business and Personal Finance Dictionary

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z 

• LOCK JUMPER - A borrower, usually refinancing rather than purchasing a home, who allows a lock to expir...
  
  
• LOCK NOUN - The period, expressed in days, during which a lender will guarantee a rate. Some lenders wi...
  
  
• LOCK OR LOCK IN - A commitment you obtain from a lender assuring you a particular interest rate or feat...
  
  
• LOCK PERIOD - A lock period refers to the amount of time prior to closing that you can secure an intere...
  
  
• LOCK VERB - The act of committing to a mortgage rate. This action, taken by a borrower some time betwee...
  
  
• LOCK-AND-FLOAT - Rate programs offered by companies that allow borrowers to lock in the current interes...
  
  
• LOCK-BOX STRUCTURE - A structure whereby the rental or debt-service payments are sent directly from the...
  
  
• LOCK-IN - A commitment you obtain from a lender assuring you a particular interest rate or feature for ...
  
  
• LOCK-IN CLAUSE - A condition in a promissory note that prohibits prepayment of the note.
  
  
• LOCK-IN PERIOD - A specified number of days before loan closing during which the range of rates availab...