Chapter 9
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The drawback to interest-only mortgages is that the loan balance does not and therefore the only equity build-up occurs if the home value
decrease, increases
The benefit of an interest-only mortgage is that the monthly payments are han a conventional mortgage and therefore easier to
lower, afford
The benefits of adjustable-rate mortgages (ARM) include a lower initial mortgage
rate
Which of the following factors have an impact on the amount you can spend to acquire a home of your own?
Your current living expenses Your income (salary, wages, investment income, etc.) The amount of the down payment you can make