Lock-in clause

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Lock-in clause

Lock-in clause

A condition in a promissory note that prohibits prepayment of the note.

RELATED TERMS
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Note
A written instrument acknowledging a debt and promising payment

Prepayment
Payment of the mortgage loan before the scheduled due date.

SIMILAR TERMS
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Lock
A lender's guarantee that the mortgage rate quoted will not change for a specific period.

Lock and float
Rate programs offered by companies that allow borrowers to lock in the current interest rate on a mortgage for a specified period of time, while also letting them "float" the rate down if market conditions improve before closing.

Lock-box structure
A structure whereby the rental or debt-service payments are sent directly from the tenant or mortgagor to the trustee

Lock-in
Since interest rates can change frequently, many lenders offer an interest rate lock-in that guarantees a specific interest rate if the loan is closed within a specific time.

Lock-in period
The time period during which the lender has guaranteed an interest rate to a borrower.

Lockout
The period during which a loan may not be prepaid.

PREVIOUS AND NEXT TERMS
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Local taxes
In addition to federal and state taxes, those taxes imposed by local municipalities (such as a city or a county) for its government services.

Lock
A lender's guarantee that the mortgage rate quoted will not change for a specific period.

Lock and float
Rate programs offered by companies that allow borrowers to lock in the current interest rate on a mortgage for a specified period of time, while also letting them "float" the rate down if market conditions improve before closing.

Lock-box structure
A structure whereby the rental or debt-service payments are sent directly from the tenant or mortgagor to the trustee

Lock-in
Since interest rates can change frequently, many lenders offer an interest rate lock-in that guarantees a specific interest rate if the loan is closed within a specific time.

Lock-in clause

Lock-in period
The time period during which the lender has guaranteed an interest rate to a borrower.

Lockout
The period during which a loan may not be prepaid.

Loft
A living space not partitioned into rooms or a small space built above a larger room.

Log cabin
Homes constructed of rough-hewn timbers and a standard housing form in the early European settlement of the U.S.

London Inter Bank Offered Rate (LIBOR) Linked Mortgage
The interest rate tracks this index. It is normally quoted as 6 Month LIBOR and so stays the same for a six-month period.

This dictionary contains 6433 terms.

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