Lock-In
(1) A guaranteed interest rate provided the loan is funded within an agreed upon period. (2) The prohibition against prepayment of a loan for a set period of time. The borrower is "locked in" to the mortgage for this period.
(1) A guaranteed interest rate provided the loan is funded within an agreed upon period. (2) The prohibition against prepayment of a loan for a set period of time. The borrower is "locked in" to the mortgage for this period.
