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California Real Estate Exam

Category - Vocab

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The commitment issued by a lender to borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time at a specific cost is called:

a rate lock
under lock and key
a promissory note
a deed of trust

Explanation

Answer: A. A rate lock is a commitment from a lender to the borrower or other mortgage originator guaranteeing a specific rate for a specific time at a specific cost.

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