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LSDefine

Simple English definitions for legal terms

lock rate

Read a random definition: consideratum est per curiam

A quick definition of lock rate:

Lock rate: This means the interest rate on a loan is fixed and will not change during a certain period of time. It is like putting a lock on the rate so it cannot move up or down.

A more thorough explanation:

Definition: Lock rate refers to the interest rate that a borrower agrees to pay on a loan, which is fixed for a specific period of time. This means that the interest rate will not change during the lock period, even if market rates fluctuate.

Example: John is buying a house and has been offered a mortgage loan with an interest rate of 4%. However, he is worried that the interest rates may increase in the future, which would make his monthly payments higher. To avoid this risk, John decides to lock in the interest rate at 4% for a period of 60 days. This means that even if the interest rates increase during this period, John will still pay only 4% interest on his mortgage loan.

Explanation: Locking in a rate provides borrowers with a sense of security and stability, as they know exactly how much they will be paying each month. This is particularly important for those who are on a tight budget or have limited financial resources. By locking in a rate, borrowers can avoid the risk of rising interest rates, which could make their loan payments unaffordable.

lockout | lockup

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LOL they love our tears
I mean, you got to be a bit of a sadist to be in adcoms lol
JumpySubsequentDolphin
11:09
does WUSTL send emails or call?
JumpySubsequentDolphin
11:09
or both?
11:10
I got a call first
JumpySubsequentDolphin
11:10
I interviewed like two weeks ago, not sure how quick they get back to peeps post interview
JumpySubsequentDolphin
11:10
but my interview was a disaster so not holding onto hope
Late to the party but my name is Paul Leachman in Delray Beach, FL (WashU pls respond)
11:11
Why is it taking so long for WashU to get back to me. Ppl are getting acceptances in a month or less
letsseehowitgoesnow
11:11
...
triplethread
11:11
@BookLover125: RETWEET
triplethread
11:12
is it bad i lied about getting into case western bc my parents are bugging me about my first a
@BookLover125: they are so impressed with your application they are renaming the library after you before admitting you
Do you know not everyone says they were ED?
11:12
No they shouldn’t be bugging you this is stressful enough without them adding More. Do what u gotta do
11:13
Got jokes I see
triplethread
11:13
its sooo stressful and im not even done applying
Just apply and get the A lol
triplethread
11:13
got like 3 more apps
there should be a law school draft akin to the NFL Draft where law schools can recruit us
or a MaxPreps esque high light video where Deans can rank us
1a2b3c4d26z
11:15
In this analogy is the LSAT the NFL combine
JumpySubsequentDolphin
11:16
I told my family I won’t get any decisions until 2025 so they wouldn’t bombard me hahah
no i think there should be a Law School combine with all new drills except there is still the 40 yard dash
and a sub 4.5 gets you into any t14
LSAT can be one of the drills
letsseehowitgoesnow
11:17
so washu only called one person
So all the D1 athletes will get into a T-14. What else is new?
@TheAdoptedOne: that is called "Dean Poker Night" lol
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