Definition: A loan lock is an agreement issued by a mortgage lender to the consumer guaranteeing to fund a loan at an agreed upon interest rate and points even if rates or fees go up at the time the loan is disbursed.
At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
Examples:
Sometimes mortgage lenders charge a fee for loan locks.
