Finance
A Texas homebuyer signs a rate lock agreement for 30 days. If the loan doesn't close within 30 days:
AThe rate lock automatically extends at no cost
BThe borrower may need to pay a fee to extend the lock or accept the current market rate✓ Correct
CTREC requires the lender to honor the original rate
DThe loan application is voided
Explanation
Rate locks are commitments for a specific period. If the loan doesn't close within the lock period, the borrower typically must pay an extension fee or accept the current market rate (which may be higher or lower than the locked rate).
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