SQLSTATE[HY000] [2013] Lost connection to MySQL server at 'reading initial communication packet', system error: 0 Mortgage Rate Lock Deposit


Mortgage Rate Lock Deposit

A fee that a lender charges a borrower that allows the borrower to lock in an interest rate for a certain time period with the expectation that the borrower's mortgage will fund within that time period. The longer the lock period, the larger the required lock deposit. The lock deposit is credited to the borrower when the mortgage funds. If the borrower walks away from the lock agreement, he or she loses the lock deposit.

Many lenders do not charge lock deposits as borrowers tend to shy away from them. However, borrowers should recognize that as with all things financial, "there is no free lunch", and a reputable lender that requires a lock deposit may be able to offer a lower interest rate.


Investment dictionary. . 2012.

Look at other dictionaries:

  • Mortgage Rate Lock — An agreement between a borrower and a lender that allows the borrower to lock in the interest rate on a mortgage over a specified time period at the prevailing market interest rate. The lender may charge a lock fee, which the borrower must pay if …   Investment dictionary

  • Certificate of deposit — This article is specific to the United States. For a more general article, see Time deposit. Banking in the United States Monetary policy The Federal Reserve System Regulation Lending Credit card Deposit accounts Savings account Checking account …   Wikipedia

  • BanxQuote — Infobox Company company name = BanxQuote company company type = Private foundation = New York, New York (1984) location = White Plains, New York, USA key people = Norbert Mehl, Founder CEO industry = Banking Financial Services products = Money… …   Wikipedia

  • Economic Affairs — ▪ 2006 Introduction In 2005 rising U.S. deficits, tight monetary policies, and higher oil prices triggered by hurricane damage in the Gulf of Mexico were moderating influences on the world economy and on U.S. stock markets, but some other… …   Universalium

  • Bank — For other uses, see Bank (disambiguation). Banker and Bankers redirect here. For other uses, see Banker (disambiguation). Banking …   Wikipedia

  • United Kingdom — a kingdom in NW Europe, consisting of Great Britain and Northern Ireland: formerly comprising Great Britain and Ireland 1801 1922. 58,610,182; 94,242 sq. mi. (244,100 sq. km). Cap.: London. Abbr.: U.K. Official name, United Kingdom of Great… …   Universalium

  • United States Treasury security — A United States Treasury security is government debt issued by the United States Department of the Treasury through the Bureau of the Public Debt. Treasury securities are the debt financing instruments of the United States federal government, and …   Wikipedia

  • E-Loan — Infobox Company company name = E LOAN, Inc. company company slogan = Radically Simple company type = Public foundation = 1997 founder = Janina Pawlowski and Chris Larsen location = Pleasanton, California key people = Mark Lefanowicz, President… …   Wikipedia

  • List of Acts of Parliament of the United Kingdom Parliament, 1860-1879 — This is an incomplete list of Acts of the Parliament of the United Kingdom for the years 1860 1879. For acts passed prior to 1707 see List of Acts of Parliament of the English Parliament and List of Acts of Parliament of the Scottish… …   Wikipedia

  • Lehman Brothers — Industry Investment services Fate Chapter 11 bankruptcy Founded 1850, Montgomery, Alabama, US …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.