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  • The Financial Encyclopedia
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Banking

  Banking   |   Terms
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  • October 16, 2021
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Rate Lock

A mechanism whereby a borrower can guarantee an interest rate on a loan would not move beyond a specific level for a term ranging from 30 to 90 days. Thanks to a rate lock, a borrower can better control its financing costs (provided that the loan is paid back along with any interests incurred during its term without defaulting on repayment).

A rate lock is also known as a lock-in provision.


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