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The video discusses the concept of a rate lock when securing a loan. A rate lock ensures that the interest rate remains fixed for a specific period, typically 30 days. If the rate lock expires without an extension, the borrower may face a higher rate unless an extension is granted, which incurs additional costs. The speaker emphasizes the importance of awareness regarding extensions, as mistakes from the lender's team can be covered by them, but factors outside their control, such as seller delays, cannot. The tutorial aims to clarify these points and provide insights through real-life stories.