A Lock-In Agreement is a contract between a borrower and a mortgage lender that fixes the interest rate and terms of a loan program for a specified period, usually 30 or 60 days. This agreement protects the borrower from rising interest rates during the lock-in period, providing stability despite market fluctuations. The terms typically include the agreed-upon interest rate, type of loan (e.g., fixed or adjustable-rate), duration of the loan, points, and associated fees. It is essential for borrowers to thoroughly understand and agree to the conditions outlined in the lock-in agreement to ensure it aligns with their financial needs and goals, as it guarantees certain loan conditions against market changes during the period.