Welcome to Joe Knows Mortgages MINUTE, where we answer your mortgage questions.
On this week’s Joe Knows Mortgages MINUTE, we answer the question:
What is a Rate Lock Period?
A rate lock or a rate commitment is a lender’s promise to hold a specific interest rate and fee for you for a specific period of time while your application is being processed. This allows you to go through the whole application process and be protected from changes in the interest rate due to changes in the market. The loan you are promised up-front is the loan that you receive in the end.
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