A rate lock is a feature that allows borrowers to secure a particular interest rate on their refinanced home loan for a set period. When a borrower locks in a rate, it means that the lender guarantees that rate for a specified period, typically 30-60 days. This feature can be useful for professional lawyers who want to secure a lower interest rate and protect themselves from potential rate hikes during the refinancing process. It is essential to note that a rate lock usually comes with additional fees, and borrowers should carefully read the terms and conditions before locking in a rate.
