Lock Period.

A lock period is the length of time for which a lender agrees to keep the interest rate and other terms of a mortgage loan unchanged. The lock period starts when the loan is first approved, and ends when the loan closes. Can you lock in a mortgage rate without a contract? It is generally … Read more

Definition of Depreciation

En accounting termsWe call depreciation the reduction or wear and tear of the value of an asset or property due to the passage of time, use or obsolescence. Companies account for these losses in value or wear and tear as an additional cost and thereby differentiate three types of depreciation: Physical depreciation Functional depreciation Obsolescence … Read more