Variable Rate Mortgages with a Rate Cap Prevent the Borrower

question 22

True/False

Variable rate mortgages with a rate cap prevent the borrower from having to pay an interest rate significantly higher than the one in the original agreement.

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Definitions:

Plastic Molds

Custom-designed tools used in manufacturing to shape plastic materials into specific forms and dimensions.

Salesperson

A professional responsible for selling products or services to customers, often involving direct interaction or negotiation.

Professional Salesperson

An individual specialized in persuading or influencing others to purchase goods or services in exchange for money.

Prospect's Objection

Concerns or reasons given by a potential buyer for hesitating or declining to purchase a product or service.