Finance
A Colorado lender's 'lock-in' on an interest rate means:
AThe borrower is locked into the lender and cannot change lenders
BThe interest rate is guaranteed for a specified period while the loan is processed✓ Correct
CThe property is locked from other offers while under contract
DThe borrower cannot pay more than the minimum monthly payment
Explanation
A rate lock guarantees the borrower a specific interest rate for a specified period (typically 30-60 days) while the loan is processed and the property is under contract. This protects the borrower from rate increases during the loan processing period.
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