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Simple English definitions for legal terms

locked-in rate

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A quick definition of locked-in rate:

Locked-in rate: A locked-in rate is a type of interest rate that is fixed and cannot be changed. This means that once you agree to a locked-in rate, it will stay the same for the entire duration of the loan or investment. It is like a promise that the interest rate will not go up or down, no matter what happens in the market. This can be helpful for borrowers who want to budget their payments and avoid surprises.

A more thorough explanation:

Definition: A locked-in rate is an interest rate that is guaranteed to remain the same for a certain period of time, regardless of any changes in the market. This means that the borrower knows exactly how much they will be paying each month towards their loan or mortgage.

For example, if a borrower takes out a mortgage with a locked-in rate of 3.5%, they will continue to pay that same rate even if interest rates rise to 4% or higher. This can be beneficial for borrowers who want to budget their monthly expenses and avoid any surprises.

Another example of a locked-in rate is a fixed-rate credit card. The interest rate on the card is locked in at a certain percentage, usually higher than variable-rate cards, but the borrower knows exactly how much they will be paying in interest each month.

These examples illustrate how a locked-in rate can provide stability and predictability for borrowers, allowing them to plan their finances accordingly.

locked in | lockout

General

General chat about the legal profession.

General >T14 Off Topic

👍 Chat vibe: 0 👎

WorthlessAttractiveZombie

9:38

oh that's right USC might release

soapy

9:43

USC still has not looked at my app

WorthlessAttractiveZombie

9:43

when did you submit soapy?

soapy

9:44

10/16

WorthlessAttractiveZombie

9:44

to be fair it took them almost 2 months for me to go under review

soapy

9:44

Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7

WorthlessAttractiveZombie

9:45

I have not had a date change either for Mich but I've seen people get in without one so who knows

TheAdoptedOne

9:46

I applied 9/25 to like 6 schools and some (Houston) have no date change yet so dw

soapy

9:46

But do people get in without addresses going long?

WorthlessAttractiveZombie

9:46

it's tough to tell because a lot of people type out their addresses long to begin with

soapy

9:46

Ah. I didn't. Looking back, my Mich supplement kind of sucks, so there's that

TheAdoptedOne

9:54

Mich overrated (Dean Z please let me in even tho i didnt apply and I am below both 25ths)

ClassyPleasantHeron

10:01

The "date changes" at Michigan really don't mean anything. We had to do them in undergrad admissions whenever a Georgia applicant picked the country instead of the state, because we'd have to remove the TOEFL requirement and reassign the application from the international application readers.

soapy

10:06

Classy, does that mean they may look at your application, and that look doesn't necessarily trigger any date change?

1a2b3c4d26z

10:06

Man

1a2b3c4d26z

10:07

Walkin to the bus

1a2b3c4d26z

10:07

What a good day to get into law school

ClassyPleasantHeron

10:11

@soapy: I don't know for sure about the law school. For undergrad, once the application is complete, it's assigned to a reader the following Monday. If we had to make any changes, it's because a reader saw something that needed to be changed and the application needed to be re-read after that change.

soapy

10:12

Ahh, got it. Thank you for the insight!

ClassyPleasantHeron

10:14

You're welcome. FWIW, I have no idea what's up with the address changes. We didn't have to do any of that, except for the Georgia state vs country kinds of things.

soapy

10:15

I've heard it theorized that some schools will change the address from "St." --> "Street" as they prepare to send out admissions packets. That's the rumor, anyways.

jackfrost11770

10:22

i think it just indicates a change in status like under review or stages of review

jackfrost11770

10:23

my stanford address went long as soon as it was marked complete lmao

soapy

10:25

I saw some Reddit adcom say that they can see any time we refresh the status checker; I wonder if it's a red flag if an applicant's checked it like 50 times in a day?

soapy

10:25

Also, can we send another LoR to a school that we've already applied to?

soapy

10:26

Or another essay?

FartButt790

10:30

i'll allow it

soapy

10:31

<3 thanks Fart Butt

1a2b3c4d26z

10:31

If I get rejected by a school bc I check my statuses during work then it wasn’t meant to be

llama

10:32

cautionary tail re reddit posts: https://www.youtube.com/watch?v=5jZAQAuqSfs

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