An Approved Mortgage Application Usually Locks in an Interest Rate

question 27

True/False

An approved mortgage application usually locks in an interest rate for 60-120 days.

---

Definitions:

Behavioral Insights Team

A group of experts, often in government or organizations, applying behavioral science principles to design policies or interventions that improve public services and policy outcomes.

Income Tax

A tax levied by the government directly on financial income generated by all entities within their jurisdiction.

Commitment Savings

Financial products designed to help individuals save money by restricting access to funds until certain conditions are met or time has passed.

Behavioral Insights Team

A group or organization that applies psychological insights into human behavior to improve public policy, services, and outcomes.