A "periodic rate cap"
A) reflects current credit conditions in the home loan market and is set by the Home Loan Board.
B) reflects current credit conditions in the home loan market and is set according to the National Contract Rate.
C) limits interest rate changes on a home mortgage during any one adjustment period.
D) is set by the lender on all fixed-rate mortgages.
Correct Answer:
Verified
Q75: Suppose you have a adjustable rate mortgage
Q76: A "payment cap"
A)limits interest rate increases and
Q77: Escrow accounts
A)are required on all conventional financing.
B)held
Q78: On adjustable rate loans,the Annual Percentage Rate
A)takes
Q79: 2/28 mortgages have a below market interest
Q81: As a condominium owner,you get to vote
Q82: Most home sales are through a real
Q83: You must pay federal income taxes on
Q84: Those aged 55 to 64 are more
Q85: Loans for mobile homes are typically financed
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