Each of the following statements about open-end mortgage clauses is true EXCEPT
A) using an open-end clause, the new amount borrowed is added to the mortgage balance.
B) they are used in government loans like DVA and FHA.
C) they are used in conventional mortgages.
D) funds borrowed using an open-end clause are reamortized over the remaining like of the mortgage.
Correct Answer:
Verified
Q2: What feature in an adjustable rate mortgage
Q3: The interest rate of a loan from
Q4: An elderly couple is "house rich, money
Q5: All of the following may be used
Q6: When two or more properties serve as
Q7: The phrase "taking back paper" applies to
A)
Q8: When considering a ARM loan, the lender
Q9: When an existing loan at a low
Q10: Equity sharing is based on the concept
Q11: In a graduated payment mortgage, the graduated
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents