MORTGAGE RATE LOCK DEPOSIT
A fee the lender charges to a borrower that permits the latter to lock in a specific interest rate for a particular time period, with the anticipation the borrower’s mortgage will finance within the specified time period. The lengthy the lock period, the greater the required lock deposit. The lock deposit is attributed to the borrower in financing mortgage funds. The borrower loses the lock deposits once he or she walks away from the agreement.
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