Rate Lock

An agreement in which a lender "locks in" or guarantees an interest rate for a specified period of time prior to closing. See also "Lock-in"

A commitment by a lender to a borrower guaranteeing a specific interest rate over a period of time at a set cost.

The period of time that a mortgage company will guarantee a loan's interest rate, usually 30 or 60 days. Longer rate locks are sometimes available at higher costs.