What is a lock?
The Bankrate.com financial term of the day is: "Lock"
The mortgage process can take weeks, and when you've found a great rate, you don't want it to slip away while you wait for your loan to be approved. This is where a lock can help. A lock is a lender's guarantee that the rate will not change for a specified period. You want a lock long enough to keep your rate in place until you can close on the loan.
Mortgage rates can move around. A lock lets you grab and hold a rate while your mortgage goes through the system.
To shop for the perfect home loan, visit the Mortgages section at Bankrate.com.