"LOCATION, LOCATION, LOCATION" the "three most important things about real estate"; a popular statement that emphasizes the importance of location with respect to the value of urban real estate. Example: Value of real estate depends largely on where it is. However, many other elements besides location also affect value.
LOCKED-IN INTEREST RATE the rate promised by a lender at the time of loan application. The promise is a legal commitment of the lender, though there may be qualifications or contingencies that allow the lender to charge a higher rate. On home loans, the lock-in is customarily provided for 1% of the amount borrowed, though often it is free of charge. On income property loans, a lock-in generally requires a COMMITMENT FEE from the loan applicant. Example: When Lewis applied for a mortgage loan, the lender assured her that the loan would carry a rate of 9% interest. This locked-in interest rate represented a guarantee from the lender in the event that the loan is approved and Lewis follows through by accepting the loan. The lock-in will expire 45 days from the application date.