FinanceCâu 72 / 120
A 'due-on-sale' (alienation) clause in a mortgage generally:
a.Requires the lender to lower the interest rate annually
b.Forces the buyer to assume the loan
c.Prohibits any prepayment
d.Allows the lender to require full repayment if the property is sold or transferred
Giải thích
A due-on-sale clause lets the lender call the loan due when the borrower transfers the property, preventing an unapproved buyer from simply taking over the existing loan. It protects the lender's ability to re-price the loan at current rates.
Luyện miễn phí toàn bộ 120 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- In a typical mortgage loan, the document that serves as the borrower's written promise to repay the debt is the:
- Texas commonly uses a 'deed of trust' rather than a traditional mortgage. In a deed of trust, the neutral third party who holds legal title until the loan is repaid is the:
- A loan feature that lets the lender declare the entire remaining balance due upon borrower default is a(n):
- In an amortized loan, the early payments are applied:
- The four components commonly abbreviated as 'PITI' in a monthly housing payment are:
- Private mortgage insurance (PMI) on a conventional loan is generally required when the borrower's down payment is:
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