Kiến thức vay thế chấp chungCâu 176 / 400
A convertible ARM gives the borrower the option to:
a.Skip payments
b.Remove the property tax escrow
c.Increase the loan amount
d.Convert to a fixed rate during a specified window, often for a fee
Giải thích
A convertible ARM includes a conversion feature allowing the borrower to switch to a fixed rate during a set period, usually for a fee, without a full refinance. It does not permit skipping payments, removing escrow, or increasing the loan.
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Câu hỏi liên quan cùng chủ đề
- On many FHA loans with the minimum down payment, the annual MIP generally remains for what duration?
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- On an ARM, the initial 'start' or 'teaser' rate is best described as:
- In underwriting, 'reserves' generally refer to:
- When a borrower uses gift funds for a down payment, the lender typically requires:
- How does a permanent buydown differ from a temporary buydown?
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