Finance
A South Carolina lender 'locks' the interest rate at time of application. This means:
AThe rate will increase if market rates rise before closing
BThe borrower is guaranteed the quoted interest rate through closing, even if rates rise✓ Correct
CThe borrower must pay a penalty if they don't close
DThe rate is locked only for 15 days
Explanation
A rate lock guarantees the borrower the quoted interest rate for a specified period (typically 30-60 days), protecting against rate increases before closing.
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