The mortgage contract rate
A) takes into account all finance charges including points.
B) is greater than the APR.
C) cannot change over the life of the loan.
D) is the interest rate applied to the unpaid mortgage balance.
Correct Answer:
Verified
Q55: A written document transferring ownership of the
Q56: In the terminology used by lenders,one "point"
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
Q61: Negative amortization results when
A)the monthly interest payment
Q62: Private mortgage insurance
A)is typically required when the
Q63: Federal Housing Administration (FHA)insurance protects
A)you against defective
Q64: "Conventional financing" consists of all home loans
A)made
Q65: Option and 2/28 mortgages
A)have contributed to the
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