The Two Most Common Types of Two-Step Mortgages Are the 8/22

question 63

True/False

The two most common types of two-step mortgages are the 8/22 and 12/18,in which lenders offer a lower interest rate for the first 8 or 12 years and then adjust the rate for the remaining 22 or 18 years.

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Definitions:

Rival in Consumption

A property of a good whereby one person's consumption of the good reduces the ability of another person to consume it.

Excludable

A characteristic of a good or service that allows owners or providers to prevent others from using it without paying.

Concert Hall

A venue specifically designed and equipped for the performance of live music, often with attention to acoustical properties to enhance sound quality.

Artificially Scarce Goods

Goods that are made scarce by the actions of individuals or institutions, despite the capability of being easily produced in abundance.