|
|
| Lock-in
|
|
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. |
|
|
|
|
|
