Finance
In NC, a lender's 'lock-in agreement' on a mortgage rate means:
AThe interest rate will fluctuate with the market
BThe rate is guaranteed for a specific period (e.g., 30, 45, or 60 days) while the loan is processed✓ Correct
CThe borrower is locked into the loan and cannot refinance
DThe property is locked from being sold during the loan application
Explanation
A rate lock guarantees the borrower a specific interest rate for a defined period (the lock period) while the loan application is processed, protecting them from rate increases.
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