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What does lock-in mean?

Lock-In Rate

Lock-in refers to a written agreement guaranteeing a home buyer a specific interest rate on a home loan provided that the loan is closed within a certain period of time, such as 60 or 90 days. Often the agreement also specifies the number of points to be paid at closing.

This is a binding agreement for 60-90 days, if your
loan does not close within that time, you are not
guaranteed the rate or points quoted in the lock-in
agreement.

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