Business and Personal Finance Dictionary

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• RATE LOCK
  
  A way you can establish that the interest rate on your loan remains the same between the time of your application, and when you qualify for the loan. When applying for a loan, you can lock the interest rate for a specific amount of time; depending on the length of the lock, this feature may cost as much as 1% of the total value of the loan, although often it is offered free of charge by the lender.
  
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