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Mortgage Glossary

Below is an A-Z glossary of general terms used within the mortgage industry. Click on any term to view a detailed explanation. Use the alphabet below to navigate quickly to a term beginning with:

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Lock

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Some mortgages have a lock option that the borrower can use to maintain the prevailing conditions in terms of rates and points. The payments may be locked for the duration of the loan or for a set period of time.

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