MORTGAGE RATE LOCK
An agreement between a lender and borrower which allows the latter to lock in the interest rate on a mortgage within a defined time period at the common market interest rate.
The lender can charge a lock fee if the borrower fails to lock it. On the other hand, the lender can charge a marginally greater interest rate to start with, in case the borrower prefers not to lock the interest rate.
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Robert C. Merton
American economist who won the 1997 Nobel Memorial prize in Economic Sciences, along with Myron Scholes, for developing the Black-Sholes model, whi ...
Buy Stops Above
Recommendation to purchase a given security once a security’s price surpasses a particular resistance level by putting a buy stop order at th ...
Admitted Company
An insurance company admitted and allowed by an another state to transact insurance business despite having a domiciled status on an another state. ...
Black Box Model
Computer program, process, or system processing the information entered by the user using pre-programmed logic in order to produce the user’s ...
Form 3903
A form issued by the IRS and used by taxpayers to deduct moving expenses related to taking a new job.
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