New York Mortgage Lenders A homebuyer must not rely on the terms quoted initially unless the New York mortgage lender is willing to offer a lock-in. A lock-in (also called a rate-lock or rate-commitment) is a lender's promise to hold a certain rate and a certain number of points for the homebuyer, for a specific period of time, while the loan application is being processed. The interest rate and the number of points charged can be locked-in, depending on the home loan lender, when the application is filed, while the loan is processed, when the loan is approved or later. A loan commitment is the home loan lender's promise to make a loan for a specific amount at a future time. The borrower receives the lender's commitment after the loan application has been approved. A lock-in is not the same as a loan commitment, though some loan commitments may contain a lock-in. Apply Here Get directed to right New York Mortgage Lenders