Mortgage Glossary
Rate Lock
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A rate lock is a lender's commitment to hold a quoted interest rate for a set number of days while your loan is processed.
What Rate Lock means
Locks protect you from rising rates between application and closing. Float-down options let you capture a drop if rates fall during the lock, usually for a fee.
Florida example
A Florida buyer locks 6.75% for 45 days. If market rates climb to 7.1% before closing, the lock saves them; if rates fall sharply, a float-down option could let them grab the lower rate.
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