Finance
In Missouri, a 'rate lock' in a mortgage transaction means:
AThe rate is variable for the loan term
BThe lender guarantees the quoted interest rate for a specified period while the loan processes✓ Correct
CThe borrower cannot prepay the loan
DThe rate is set by MREC
Explanation
A rate lock is a lender commitment to hold a specified interest rate for a defined period (typically 30–60 days) to protect the borrower from rate increases while the loan is being processed.
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