In the terminology used by lenders,one "point" is equal to
A) $100.
B) $1,000.
C) one percent of the purchase price.
D) one percent of the amount borrowed.
Correct Answer:
Verified
Q51: Fixed-rate mortgages usually have
A)level monthly payments over
Q52: Adjustable rate loans
A)have less variability than flexible
Q53: The purpose of the title search is
Q54: A title search is conducted
A)at the closing.
B)before
Q55: A written document transferring ownership of the
Q57: One point on an $80,000 loan for
Q58: Additional points on a home mortgage will
A)lower
Q59: Concerning an adjustable rate loan,which of statements
Q60: The mortgage contract rate
A)takes into account all
Q61: Negative amortization results when
A)the monthly interest payment
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