An adjustable-rate mortgage (ARM) is defined as:
A) Insurance for the lender if it needs to foreclose on your home and the sale of the home does not cover the mortgage and the cost of the foreclosure
B) A loan that has a specified payment amount and a specified repayment schedule
C) A home loan where the interest rate varies based on a benchmark plus an additional spread
D) A ratio expressing the amount of a first mortgage lien as a percentage of the total appraised value of real property
Correct Answer:
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