An adjustable-rate mortgage (ARM) is defined as
A) insurance for the lender if it needs to foreclose on your home and the sale of the home does not cover the mortgage and the cost of the foreclosure.
B) a loan that has a specified payment amount and a specified repayment schedule.
C) a home loan where the interest rate varies based on a benchmark plus an additional spread.
D) a ratio expressing the amount of a first mortgage lien as a percentage of the total appraised value of real property.
Correct Answer:
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