lock-in

Definition

A commitment by a lender guaranteeing a specified interest rate for a specified period of time. also called rate lock.

Use lock-in in a sentence

The lock-in rate was perfect because it would give interest for a specified period of time and that was good.

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I'd really like to get the ball rolling with you, complete the paperwork, and lock-in a really good rate for you on your mortgage.

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Since the rates were so low they wanted to lock-in their rate for the mortgage. They knew if the rates increased it would cost them a lot more in interest.

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