/lɒk ɪn ˈpɪəriəd/ – Phrase
Definition: Thời gian cố định không thể rút tiền hoặc chuyển nhượng.
A more throughout explanation: 1. the time period during which a borrower may not start repaying a loan without paying penalties
2. the time period for which a lender has agreed with the borrower to hold a certain interest rate unchanged
Example: 1. Make sure you have time to send in your cancellation form to your current bank and avoid prepayment penalties should you refinance before the lock-in period is over.
2. Lenders that charge rate lock fees generally charge higher fees for longer lock-in periods.