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In this tutorial, the speaker explains what a rate lock is and its implications for borrowers. A rate lock secures an interest rate for a specified period; for example, locking a rate on April 1st for 30 days means it expires on April 30th unless extended. Extensions can incur additional costs. The speaker emphasizes the importance of attention to detail from both lenders and borrowers. If an extension is due to a lender's error, they might cover the costs, but if it's due to the seller's request to delay a move, the borrower may incur expenses, as the lender cannot absorb losses in such situations. Julie will share a related story in the session, highlighting these points further.