Rate lock

Definition:

An agreement between the mortgage banker and the loan applicant guaranteeing a specified interest rate for a designated period, usually 60 days.

Investing Essentials


Copyright © 2011 Campbell R. Harvey, Professor of Finance, Fuqua School of Business at Duke University

Term of the Day

Noninsured plans

Defined benefit pension plans that are not guaranteed by life insurance products. Related: Insured plans.

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