An agreement by the lender at the time of mortgage application or shortly thereafter, to write the mortgage at a specific interest rate, whether rates rise or fall up to the date of closing. Obviously a good move if rates are rising, not so good if they are falling. Lock-ins have specific expiration dates, such as 30, 60 or 90 days in the future.
Lock-in clause
Clause inserted in a loan agreement guaranteeing a quoted interest rate for a specific period of time.
Lock-in period
Period of time during which a lender guarantees to the buyer, a specified interest rate, regardless of a rise in market rates. The longer the time period of the guarantee, the more points charged.
Locked rotor torque
Minimum rotating motion force developed by the simplest type of electric induction motor, when voltage is applied with the motor shaft not turning.
Locking pliers
Pliers that can be opened and locked into the proper position by use of an adjustable over-center locking lever.
Locknut
A nut that is tightened against the primary nut, to keep it from loosening, when the primary nut is tightened to the needed torque. A locknut, also called a jam nut, may be the same as the primary nut or may be made of stamped sheet metal.
Lockset
Lockset
Door handle, bolt, and striker plate assembly.
Lockset installation guide
Guide that attaches to door to mark the positions of the door bolt, plate, and lockset for drilling and boring.
Loft
Unpartitioned living space (one large room) or a space built just below the roof, above a larger room. Upper floor of a factory or warehouse.
