Finance
A North Dakota buyer 'locks' their mortgage rate for 45 days. This means:
AThe rate can only decrease, not increase, during 45 days
BThe lender guarantees the stated interest rate for 45 days regardless of market rate changes✓ Correct
CThe buyer must close within 45 days or forfeit the earnest money
DThe loan application is processed within 45 days
Explanation
A rate lock is the lender's guarantee to hold an agreed interest rate for a specified period. This protects the borrower from rate increases while processing the loan.
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