Finance
A NH buyer's 'rate lock' commitment from a lender is important because:
AIt guarantees the property will sell
BIt protects the buyer from interest rate increases during the loan approval and closing process✓ Correct
CIt prevents other buyers from making offers
DIt commits the buyer to closing with that lender
Explanation
A rate lock protects the buyer from rising interest rates during the period between application and closing — typically 30-60 days. If rates rise during the lock period, the buyer's rate remains as agreed.
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