Finance
In New Mexico, a 'lock-in' or 'rate lock' agreement with a lender means:
AThe borrower is locked into a variable rate
BThe interest rate and loan terms are guaranteed for a specified period while the loan is being processed✓ Correct
CThe loan cannot be paid off early
DThe borrower cannot switch lenders
Explanation
A rate lock guarantees the borrower's interest rate and loan terms for a set period (typically 30-60 days) during loan processing, protecting against rate increases before closing.
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