Mortgage Glossary
Lock-In Period
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A lock-in period is the window during which a lender guarantees a quoted interest rate while the loan is processed.
What Lock-In Period means
Common locks run 30, 45, or 60 days. If the loan does not close in time, the lock can expire and may require a costly extension. Locking protects the borrower from rate increases during processing.
Florida example
A buyer locked a 6.5% rate for 45 days on a Tampa purchase; when closing slipped a week, the lender extended the lock to keep the rate.
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