Finance
In New York, a 'rate lock' on a mortgage application protects the borrower by:
AGuaranteeing the loan will be approved
BSecuring the interest rate for a specified period regardless of market rate changes before closing✓ Correct
CLocking out competing lenders
DPreventing the lender from raising the rate after closing
Explanation
A rate lock is a lender's commitment to hold the quoted interest rate for a specified period (commonly 30-60 days). It protects the borrower from rate increases between loan application and closing.
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