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Failure to make mortgage payments can lead to foreclosure, where the lender seizes and sells the property. An interest rate lock ensures that the borrower secures a specific rate for a set period, protecting against rate increases during loan processing. Mortgage loan These loans feature lower monthly payments initially, with a large lump sum due at the end of the term. Jumbo loans exceed conforming loan limits and are often used for high-value properties, requiring stricter qualifications.