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 this service.