Lock-in Agreement

This Issue in United States

Lock-in Agreement in the Context of Mortgage Refinancings

In this context, a definition of Lock-in Agreement may be distilled, worded as follows: A written agreement guaranteeing a homebuyer a specific interest rate on a home loan provided that the loan is closed within a certain period, such as 60 or 90 days. Often the agreement also specifies the number of points to be paid at closing.