Final answer:
If a lender changes the agreed mortgage terms at the closing, it would be an example of bait-and-switch tactics.
Step-by-step explanation:
If a lender changes the agreed mortgage terms at the closing, this would be an example of bait-and-switch tactics. Bait-and-switch is a deceptive marketing practice where the terms or conditions of a product or service are changed after a customer has committed to the purchase. In the context of a mortgage, this could involve altering the interest rate, loan duration, or other key terms that were initially agreed upon.
For example, let's say a borrower was promised a fixed interest rate of 3% for a 30-year term. However, at the closing, the lender changes the terms and offers a variable interest rate of 5% instead. This would be an unfair and dishonest tactic by the lender.