What does it mean to lock the interest rate?
Due to the nature of interest rate movements, mortgage rates can change dramatically
from the day you apply for a mortgage loan to the day you close the transaction.
If interest rates rise sharply during the application process, it could make
a borrower's mortgage payment larger than he/she previously thought. To protect
against this uncertainty, a lender can allow the borrower to 'lock-in' the loan's
interest rate, guaranteeing the borrower the prevailing loan rate for a specified
period of time (often 30-60 days). A lender may or may not charge a fee for