Finance
Indiana homebuyers can lock in their mortgage interest rate during which phase of the loan process?
AOnly at closing
BAfter the application is accepted, typically through a rate lock agreement with the lender good for a specified period✓ Correct
CAfter the appraisal is ordered
DOnly after the inspection contingency is waived
Explanation
A rate lock allows the borrower to secure a specific interest rate for a defined period (typically 30–60 days) after loan application is accepted, protecting against rate increases while processing continues.
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