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Rate lock
When interest rates are volatile, many borrowers want to "lock in" an interest rate and many lenders will oblige, setting a limit on the amount of time the guaranteed interest rate is in effect.
Related Terms
Lock-in
Variable rate mortgage
Life cap
Variable interest rate
Deadbolt lock
Strike plate
Margin
Fixed-rate mortgage
Capitalization rate
Teaser rate
Variable rate
Adjustment period
Cap
Dovetail joints
Adjustable-rate mortgage (ARM)
Rate-improvement mortgage
Interest rate caps
Convertible adjustable-rate mortgage
Interest rate buy-down plans
Annual Percentage Rate (APR)
Interest rate ceiling
Step-rate mortgage
Treasury index
Initial interest rate
Certificate of deposit index
Interest accrual rate
Note rate
Negative amortization
Change frequency
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