Lock Window glossary
Key terms
Lock note
These terms appear in rate lock agreements, each with a primary source.
Last reviewed against the primary sources listed below.
- Rate lock
- A lender's commitment to hold a rate and points for a set period. Source: CFPB: What's a lock-in or a rate lock on a mortgage?
- Lock extension
- More time added to a lock, often for a fee. Source: CFPB: What's a lock-in or a rate lock on a mortgage?
- Float-down
- A lock option that lets you get a better price if the market improves. Source: CFPB: What's a lock-in or a rate lock on a mortgage?
- Lock expiration
- The date the lock ends if the loan has not closed. Source: CFPB: What's a lock-in or a rate lock on a mortgage?