Finance
A 'lock-in' in Arizona mortgage lending means:
AThe borrower cannot pay off the loan early
BThe lender guarantees the borrower's interest rate for a specified period during the loan application process✓ Correct
CThe property is under contract
DThe loan is secured by the property
Explanation
A rate lock (lock-in) is a lender's commitment to hold a specific interest rate and points for a specified period (typically 30-60 days) while the loan application is processed, protecting the borrower from rate increases.
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