Finance
In Indiana, a 'lock-in period' in mortgage financing refers to:
AThe time the property is under contract
BThe period during which the lender guarantees the interest rate for the borrower✓ Correct
CThe period the loan cannot be paid off without penalty
DThe time before the first payment is due
Explanation
A rate lock-in period is a commitment from the lender to hold the quoted interest rate for a specified period (typically 30-60 days) while the loan is processed. After the lock expires, the rate may change with market conditions.
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