Question $6$

Not yet answered

Marked out of $15\mathrm{.}00$

Question $7$

Not yet answered

Marked out of $10\mathrm{.}00$

Question $8$

Not yet answered

Marked out of $10\mathrm{.}00$

Which of the following should a borrower's lawyer ensure a borrower understands regarding mortgage terms?

Select one or more:

a$.$ The lender's policy on property appraisals

b$.$ The frequency of allowed payment installments $($weekly$,$ bi$-$weekly, monthly$)$

c$.$ The borrower's credit score requirements

d$.$ The process of obtaining mortgage approval

What does the term "amortization period" refer to within the context of a mortgage?

Select one:

a$.$ The time it takes for a lender to review and approve a mortgage application

b$.$ The time it takes for the borrower to pay off the entire mortgage

c$.$ The length of time it takes for a borrower to make their first mortgage payment

d$.$ The period during which the borrower can make additional payments on the mortgage

What does the term "prepayment privilege" indicate in relation to a mortgage?

Select one:

a$.$ The lender's ability to terminate the mortgage agreement before the due date

b$.$ The borrower's ability to pay off the outstanding balance of a mortgage before the due date without penalty

c$.$ The lender's ability to increase the interest rate on a mortgage at any time

d$.$ The borrower's right to extend the due date of a mortgage without penalty