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LSDefine

Simple English definitions for legal terms

lock rate

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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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babycat
13:22
we have one local rep who didn’t get reelected bc she went on a podcast and said some crazy shit about jewish people
insane
13:22
@HopefullyInLawSchool: that is so unfair its insane that people have to go through that
theres a student that is literally having a baby and the admin denied her request for a test extension, and told her to come in the day after she gave birth to take the exam w her baby
come in the DAY AFTER SHE GIVES BIRTH
W HER BABY
13:23
saw that, crazy that she cant just hold the fucker in for a day longer
LMFAO
babycat
13:23
gulc going to hell I’m so serious
glovediedthisishismom
13:24
thats definetly horsey on an alt
glovediedthisishismom
13:24
no way any professor did that
13:25
thrifted a vintage burberry suit today and feeling unstoppable
Dkk
13:26
Nice
glovediedthisishismom
13:26
im in the field like a defensive lineman im always in saks 💯
1a2b3c4d26z
13:26
That's awesome
1a2b3c4d26z
13:26
real ones shop at bergdorf
13:28
real ones shop at YMH
triplethread
13:28
i missed another fordham wave
triplethread
13:28
mamas getting denied
JumpySubsequentDolphin
13:29
the bergdorf on 5th Ave in NYC is so
JumpySubsequentDolphin
13:29
it feels like home
Dkk
13:29
I'm at your mommas house rn: https://x.com/Mansavelli_/status/1648073454665572352
triplethread
13:29
im addicted to reacting to all of the decisions
triplethread
13:29
with the emojis
HopefullyInLawSchool
13:29
I shop at Joe
HopefullyInLawSchool
13:29
Joe's
glovediedthisishismom
13:30
i shop at tawget
glovediedthisishismom
13:30
im dawk gawthic maga
triplethread
13:30
i shop at giant eagle
ForDizzyDJoy
13:31
How did i miss Fordham and American’s wave and I applied in september 🙃
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