Rate Lock is a commitment made by a lender to the borrower, in which he/she promises a specific interest rate on a loan, provided the loan is closed within the specified period of time. It is also known as interest rate lock.

Facts about Rate Lock:

Locking is required, once the borrowers application information has been reviewed and appraisal has been ordered. As there is always a frequent change in the interest rates, the longer a lender locks in a rate, the more risk they have to face. These are not transferable to different property addresses. For a new property, new rate locks are required depending upon the current market rates.

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