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:

Interview Prompt

A question or statement designed to elicit information or a specific response during an interview.

Qualitative Methods

Research strategies focusing on collecting and analyzing non-numerical data (e.g., text, video) to understand concepts, thoughts, or experiences.

Interpretive

A descriptor used to indicate a perspective or research approach that seeks to understand how humans interpret or make sense of events in their lives. Interpretive studies can be understood as attempts to place oneself "in the other person’s shoes."

Experimental Science

A branch of science that relies on controlled experiments to validate hypotheses and theories.