A firm commitment is an irrevocable agreement in which one party commits to performing a specific act, typically in the context of lending, ensuring that financing will be provided under predefined terms.
A Loan Commitment is an agreement by a lender to provide a borrower with a specified amount of funding under specific terms at a future date. This commitment often includes a locked-in interest rate, providing certainty to the borrower.
A loan lock, or locked-in interest rate, is an agreement between a mortgage lender and a borrower that secures a specified interest rate on a mortgage for a predetermined period, usually ranging from 30 to 60 days.
The locked-in interest rate is a promise from the lender to provide a specific interest rate for a mortgage or loan, valid for a predefined period, regardless of market rate fluctuations during that period.
A rate guarantee, also known as a locked-in interest rate, ensures that the interest rate on a mortgage loan will not change for a specified period, even if broader market interest rates fluctuate during that time.
A Rate Lock secures a specified interest rate for a mortgage, assuring homebuyers or refinancers that their rate will not increase between the date of the agreement and the closing date of the loan, provided the borrower closes within the specified time frame and there are no changes to their application.
