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what is...
LOCK
An option exercised by the borrower, at the time of the loan application or later, to "lock in" the rates and points prevailing in the market at that time. The lender and borrower are committed to those terms, regardless of what happens between that point and the closing date.
ALSO SEE: LOCK COMMITMENT LETTER, FLOAT-DOWN, FLOAT

    Courtesy of the Mortgage Glossary
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