A borrower with a 30-year loan can create a GEM by
A) simply increasing the monthly payments beyond what is required and designating that the excess be applied entirely to the principal.
B) converting his ARM into a conventional mortgage.
C) converting his conventional mortgage into an ARM.
D) converting his conventional mortgage into a GPM.
Correct Answer:
Verified
Q32: The Federal Housing Administration (FHA)
A) was set
Q33: A loan-servicing agent will
A) package the loan
Q34: Growing-equity mortgages (GEMs)
A) help the borrower pay
Q35: Ginnie Mae
A) insures qualifying mortgages.
B) insures pass-through
Q36: A loan for borrowers who do not
Q38: The interest rate borrowers pay on their
Q39: _ issues participation certificates,and _ provides federal
Q40: Distinct elements of a mortgage loan include
A)
Q41: Discount points (or simply points)are interest payments
Q42: A problem that initially hindered the marketability
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