the lender offered a rate lock to the borrowers, what is the purpose? lender cannot...

90.2K

Verified Solution

Question

Finance

the lender offered a rate lock to the borrowers, what is the purpose? lender cannot ask for any more documents for the loan applicationlender holds the agreed-upon rate for a specific period of time borrowers cannot shop for another loan from a different lender borrowers are required to start payments prior to closing

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students