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LOCK OR LOCK-IN A lender's guarantee of an interest rate for a set period of time. The time period is usually that between loan application approval and loan closing. The lock-in protects you against rate increases during that time. CONVEYANCE The transfer of title to real property by means of a written instrument such as a deed or an assignment of lease. MORTGAGE A legal document used to secure the performance of an obligation. In effect, the mortgage states that the lender can look to the property in the event the borrower defaults in payment of the note. OPINION OF TITLE An opinion by a person competent in examining titles, usually a title attorney, as to the status of the title of a property. PRE-APPROVAL The process of determining how much money a prospective homebuyer or refinancer will be eligible to borrow prior to application for a loan. A pre-approval includes a preliminary screening of a borrower's credit history. Information submitted during pre-approval is subject to verification at application. |
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