Points Paid by the Owner of a Personal Residence to Refinance

question 60

True/False

Points paid by the owner of a personal residence to refinance an existing mortgage must be capitalized and amortized over the life of the new mortgage.

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Definitions:

Spain

A country in southwestern Europe on the Iberian Peninsula, known for its rich history, cultural diversity, and significant contributions to art, literature, and science.

Headright System

A land grant policy that allocated parcels of land to settlers and investors who financed the passage of indentured servants to the Americas, prevalent in the 17th century.