D. What is the effect of the lender's increasing the loan's interest rate just before closing A. The borrower has to pay it. B. Closing will be delayed. C. The borrower can choose to pay extra points. D. The real estate licensee is expected to pay the extra points.

D. What is the effect of the lender's increasing the loan's interest rate just before closing A. The borrower has to pay it. B. Closing will be delayed. C. The borrower can choose to pay extra points. D. The real estate licensee is expected to pay the extra points.

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter7: Credit Cards And Consumer Loans

Section: Chapter Questions

Problem 4LTAI

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Concept explainers

Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.

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19. What is the effect of the lender's increasing the
loan's interest rate just before closing
A. The borrower has to pay it.
B. Closing will be delayed.
C. The borrower can choose to pay extra points.
D. The real estate licensee is expected to pay
the
extra points.

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