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How does a rate lock work?

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How does a rate lock work?

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You’ve gotten a quote you like from a mortgage lender, and you begin the application process. Weeks, or even months later, the application process is complete and your loan is finally approved. However, you’re completely caught off-guard when the lender cannot offer you the same rate and terms he quoted earlier. “Rates went up,” he says. “Take it or leave it.

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