Rate protection ensures that the interest rate offered to the borrower will not increase during the time that the lender is considering the borrower's loan application. The rate is said to be "locked" or frozen for a specified period, usually 30 days. If the loan isn't approved by the expiration date of the rate protection period, the borrower's rate could change. Rate protection protects the lender as well as the borrower, since the rates might go down as well as up.

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | 0-100

A

Adjustable Rate Mortgages (ARMS)
Adjustable Rate Refi (Refinance)
Amortization
Annual Percentage Rate (APR)
Assumable Loans

B

Bad Credit Refi (Refinance)
Balloon Loans
BC & D Lender or Loan
Buydown

C

Cash-Out Refi
Closing
Closing Costs
Conventional Mortgage
Convertible ARM
Cosigner
Credit Report
Credit Score

D

Debt Consolidation
Debt Ratio
Default
Discount Rate
Down-payment

E

Effective Rate
Equity
Escrow
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F

FHA (Federal Housing Authority) Loan
Fixed Rate Mortgages
Fixed Rate Refi (Refinance)
Foreclosure
Fully Amortizing Payment
Fully Indexed Interest Rate

G

Government Loans
Graduated Payment Mortgages
Growing Equity Mortgage

H

Home Equity Line of Credit (HELOC)
Home Equity Loan (second mortgage)
Housing Ratio
Hybrid ARM

I

Index
Interest Due
Interest Only Loan
Interest Only Refi (Refinance)
Interest Rate

J

Jumbo (or Non-Conforming) Loans
Jumbo Loan Refi
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K

L

Lenders Margin
Lien
Loan to Value (LTV) Ratio
Lock-in

M

Mortgage
Mortgage Broker
Mortgage Company
Mortgage Insurance
Mortgage Lender
Mortgage Reduction Programs
Mortgage Term

N

Negative Amortization
Negative Points

O

Option ARM
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P

PITI
PMI (Private Mortgage Insurance)
Points
Prepayment Penalty
Pre-Approval
Pre-qualification
Principal
Property Appraisal

Q

Qualification

R

Rate Protection
Refinancing
Residual Income

S

Second Mortgage
Servicing
Sub-Prime Borrower
Sub-Prime Lender

T

Term
Truth in Lending Law
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U

Underwriter
Uniform Residential Loan Application (1003)

V

VA (Veterans Administration) Loan

W

Wrap-around Mortgage

X

Y

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Z

0-100

80/10/10, 80/15/5, and 80/20/0 loan plans
100% Loan