Business and Personal Finance Dictionary

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• RATE LOCK (LOCK IN THE RATE)
  
  Refers to the agreement between the borrower and the lender or broker that as long as the loan is closed within a certain period of time (for example, 30 or 60 days), the interest rate on the loan will be set (locked) at an agreed- upon rate. A "rate lock" agreement must be in writing or it will be unenforceable.
  
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