Which of the following is accurate regarding types of mortgages?
A)A convertible VRM gives you protection in case interest rates go up.
B)Open mortgages offer slightly better rates than closed mortgages.
C)Most fixed-rate mortgages are convertible.
D)With a variable-rate mortgage your payments will go up if prime goes up.

Question

Quizplus · Accepted Answer

A convertible VRM (Variable Rate Mortgage) allows the borrower to switch to a fixed rate if interest rates rise, providing protection against increasing rates.

Which of the Following Is Accurate Regarding Types of Mortgages