Definition
Lock Period
The number of days a quoted rate is guaranteed, commonly 30, 45 or 60 days. Longer locks cost more.
Nearby terms
Loan Estimate
The standardised three-page disclosure a lender must provide within three business days of application, showing rate, terms and estimated costs.
Loan-to-Value
The loan amount divided by property value, expressed as a percentage.
Margin
The fixed percentage added to an ARM's index to produce the fully indexed rate.
Mechanic’s Lien
A claim recorded by a contractor or supplier for unpaid work on a property.
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