Recently, 15-Year Mortgages Have Increased in Popularity Amongst Both Borrowers

question 35

Multiple Choice

Recently, 15-year mortgages have increased in popularity amongst both borrowers and lenders. Which of the following groups of borrowers would typically be the least interested in a 15-year mortgage?

• A) Mature households with minimal financial constraints
• B) First-time homebuyers
• C) Homeowners who are refinancing to obtain a lower rate than is available on a comparable 30-year mortgage
• D) Homeowners who are interested in selling their property within five years

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Definitions:

Biological Perspective

A way of looking at psychological issues by examining the biological bases of behavior, including genetics, brain structures, and biochemical processes.

Extinguish

In psychological terms, to diminish or eliminate a conditioned response, often through repeated exposure to the conditioned stimulus without the unconditioned stimulus.

Fear Of Driving

An anxiety disorder characterized by an intense fear or phobia of driving a vehicle.

Post-Traumatic Stress Disorder

A mental health condition triggered by experiencing or witnessing a terrifying event, characterized by flashbacks, nightmares, severe anxiety, and uncontrollable thoughts about the event.