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:
  1. a rate lock
  2. under lock and key
  3. a promissory note
  4. 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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