Definition: A loan lock is an agreement issued by a mortgage lender to the consumer guaranteeing to fund a loan at an agreed upon interest rate and points even if rates or fees go up at the time the loan is disbursed.

_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}

Examples:

Sometimes mortgage lenders charge a fee for loan locks.

• Best Time to Lock a Loan