When Refinancing Your Mortgage,you Should Consider

question 95

Multiple Choice

When refinancing your mortgage,you should consider

• A)the interest rates of the old and new mortgages.
• B)the years you expect to remain in the home.
• C)any prepayment penalties on the old mortgage.
• D)closing costs of the new mortgage.
• E)all of these.

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Definitions:

Number of Events

The total count of occurrences or actions within a specified context or timeframe.

Poisson Parameter

A parameter of the Poisson distribution that represents the average number of occurrences of an event in a fixed interval of time or space.

Mean Number

The arithmetic average of a set of values, calculated by dividing the sum of all values by the number of values.

Poisson Probability

The probability of a given number of events happening in a fixed interval of time or space when these events occur with a known constant mean rate and independently of the time since the last event.