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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.

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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