Finance
A lender's 'rate lock' protects the borrower from:
AProperty value declines before closing
BInterest rate increases between the application and loan closing✓ Correct
CChanges in the borrower's credit score during processing
DAppraisal values coming in below the contract price
Explanation
A rate lock guarantees the borrower a specific interest rate (and often points) for a defined period during the loan processing. If market rates rise, the borrower's locked rate is protected.
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