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FINP 235 FINAL EXAM HOME BUYING PART 2 QUESTIONS WITH COMPLETE ANSWERS

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FINP 235 FINAL EXAM HOME BUYING PART 2 QUESTIONS WITH COMPLETE ANSWERS

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step 7: closing


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the time at which the title is transferred to the buyer and the seller is paid in
full




15 year mortgage

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higher chance of foreclosure, lower interest paid, higher monthly payments




with an ARM, the first _______ years have lower interest, other years have higher interest


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7




T or F: you can have the seller fix anything that's broken before you buy it


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true, however, the seller might call of the deal




the low initial "teaser" rates on an ARM are about


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0.5-2% less than fixed




seller


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