Kiến thức vay thế chấp chungCâu 117 / 400
A balloon mortgage is best described by which feature?
a.A large lump-sum payment is due at the end of the term
b.The rate adjusts every year
c.Payments are interest-only for 30 years
d.No payments are due until sale
Giải thích
A balloon loan has smaller periodic payments but requires a large lump-sum payoff (the balloon) at maturity. Annual adjustment describes an ARM, and the other options describe interest-only and reverse-mortgage features.
Luyện miễn phí toàn bộ 400 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- 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?
- Why is the annual percentage rate (APR) usually higher than the note rate on the same loan?
- What is the primary purpose of paying discount points at closing?
- Which statement correctly distinguishes PMI from MIP?
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