A Mortgage Applicant Who Anticipated Increasing Interest Rates Would Be

question 114

Multiple Choice

A mortgage applicant who anticipated increasing interest rates would be most interested in

• A)a settlement statement.
• B)refinancing a mortgage.
• C)a mortgage lock-in.
• D)a due-on-sales clause.

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Definitions:

Tax Cuts

Reductions in the amount of taxes that individuals or corporations are required to pay to the government.

Social Security

A government program designed to provide financial assistance to people with inadequate or no income, including the elderly, disabled, and families with dependent children.

Personal Income Tax

A tax levied on the taxable income of individuals, households, and unincorporated firms.

Supplemental Nutrition

Additional food or nutritional support provided to enhance health and dietary intake beyond basic needs.