| Lock or Lock In |
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| Lock or Lock In - A designated period of time during which a borrower and a lender have agreed to a specific interest rate. Most locks are from 30 to 45 days. This usually involves paying a fee to the lender. Mortgage rates not "locked in" are subject to changing market conditions and are said to be "floating." Under some conditions, if you lock and the rates drop, the better rate can be obtained. |
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