Kiến thức vay thế chấp chungCâu 113 / 400
A borrower wants a payment that never changes for the full 30-year term regardless of market rates. Which loan feature guarantees this?
a.Fixed-rate mortgage
b.5/1 ARM
c.Interest-only loan
d.Balloon loan
Giải thích
A fixed-rate mortgage keeps the same interest rate and principal-and-interest payment for the entire term. A 5/1 ARM adjusts after five years, interest-only payments change when the interest-only period ends, and a balloon requires a large lump sum at maturity.
Luyện miễn phí toàn bộ 400 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- A borrower buys in a designated rural area, has moderate income within program limits, and wants no down payment. Which program best fits?
- A 68-year-old homeowner wants to convert home equity into payments without making monthly mortgage payments. Which product applies?
- A loan amount that exceeds the conforming loan limit set for Fannie Mae and Freddie Mac is called what?
- On an adjustable-rate mortgage, the published economic benchmark that moves the interest rate up or down at each adjustment is called the:
- On an ARM, the fixed percentage the lender adds to the index to determine the interest rate is the:
- During the initial period of an interest-only loan, what happens to the principal balance if the borrower pays only the required payment?
Cập nhật gần nhất: · quy trình kiểm tra
Đội Ngũ Biên Tập PrepPass · Đối chiếu với NMLS SAFE Mortgage Loan Originator National Test · Quy trình kiểm tra