What is sufficient proof of accuracy for a rate in an advertisement?

For an advertisement to provide sufficient proof of accuracy for a rate, having a lock-in agreement from the specific date that reflects the particular rate locked in is essential. This documented agreement serves as a legally binding record, indicating that the borrower has committed to a rate, ensuring that the advertised rate is valid and applicable for a set period. Such transparency and accountability are crucial, as they provide confidence to consumers that they will receive the promised rate.

Other options do not offer the same level of clarity or legal standing. A previous advertisement may not reflect current rates or conditions, and therefore, would not be dependable as proof. A funded loan from another company does not establish the accuracy of the rate in the current advertisement, since rates can vary between lenders and over time. A verbal agreement lacks documentation and does not provide solid evidence to support the advertised rate, making it unreliable in proving accuracy.