Finance
In Michigan, a lender's 'lock-in' commitment for a mortgage means:
AThe borrower is locked out of the property until closing
BThe lender commits to a specific interest rate for a specified period while the loan is being processed✓ Correct
CThe borrower must use only this lender for future refinances
DThe loan cannot be paid off for a minimum period
Explanation
A mortgage rate lock is a lender's commitment to honor a specific interest rate for a set period (typically 30-60 days), protecting the borrower from rate increases while the loan application is processed and approved.
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