Finance
A Wisconsin 'lock-in' on a mortgage interest rate means:
AThe rate will increase over time
BThe lender guarantees the rate will not change for a specified period before closing✓ Correct
CThe borrower is locked into one lender permanently
DThe rate is tied to the prime rate
Explanation
A rate lock-in is a lender's commitment to hold an interest rate for a specified period (e.g., 30-60 days) to protect the borrower from rate increases while the loan is processed.
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