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Lock and float
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.
RELATED TERMS--------------------------------------
Rate
Percentage a borrower pays for the use of money, usually expressed as an annual percentage.
Lock
A lender's guarantee that the mortgage rate quoted will not change for a specific period.
Interest
Money paid to a lender as compensation for money that is borrowed.
Mortgage
A legal document pledging property as security for the payment of a loan.
Market
A place where goods can be bought and sold and a price established.
Closing
A period of time, usually less than seven days, after a registration statement is effective and the offering commences, giving the underwriters time to receive payment for the securities
SIMILAR TERMS--------------------------------------
Lock
A lender's guarantee that the mortgage rate quoted will not change for a specific period.
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
A condition in a promissory note that prohibits prepayment of the note.
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--------------------------------------
Loan term
The period specified in the promissory note for a borrower to pay a loan, such as a mortgage. Most conventional mortgages have a loan term of 15 or 30 years.
Loan to Value Ratio (LTV)
The ratio of the mortgage loan amount to the property's appraised value or selling price, whichever is less.
Local authority search
This is carried out as part of the conveyancing process and can reveal any financial charges relating to the property as well as any planning decisions that could affect the property in the future.
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
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
A condition in a promissory note that prohibits prepayment of the note.
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.
This dictionary contains 6433 terms. |
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