Each of the Following Statements About Open-End Mortgage Clauses Is

question 2

Multiple Choice

Each of the following statements about open-end mortgage clauses is true EXCEPT

• A) using an open-end clause, the new amount borrowed is added to the mortgage balance.
• B) they are used in government loans like DVA and FHA.
• C) they are used in conventional mortgages.
• D) funds borrowed using an open-end clause are reamortized over the remaining like of the mortgage.

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Definitions:

Constraints

Limitations or restrictions that define the conditions or rules within which operations or processes occur.

Learning

The process of acquiring new understanding, knowledge, behaviors, skills, values, or preferences, often as a result of study, instruction, or experience.

Conditioned Response

The learned response to the conditioned stimulus that occurs after conditioning has taken place.

Different Stimuli

Varied or distinct environmental inputs that can trigger or influence responses in organisms.