In a Mortgage Loan,the Borrower Always Creates Two Documents: a Note

question 16

Multiple Choice

In a mortgage loan,the borrower always creates two documents: a note and a mortgage.Which of the following pieces of information is provided in the mortgage?

• A)How the interest rate is to be computed.
• B)Whether the borrower has the right to prepay the principal during the term of the loan,and any prepayment penalties that would be incurred as a result.
• C)Whether the borrower is released from liability for fulfillment of the contract.
• D)Whether the lender has the right to accelerate the loan,requiring the borrower to pay it off,in the case that the property is sold prior to the term of the loan.

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