Finance
What is a 'lock-in period' in a Kansas mortgage commitment?
AThe minimum time before the borrower can refinance
BA specified period during which the lender guarantees a specific interest rate, protecting the borrower from rate increases before closing✓ Correct
CThe term of the mortgage loan
DA period when the borrower cannot make prepayments
Explanation
A rate lock-in period is a commitment from the lender to hold a specific interest rate for a defined period (typically 30-90 days), protecting the borrower from rate increases between application and closing.
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