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Which of the following statements would be FALSE? I. Closing for a mortgage loan refers to the moment the loan is paid off. II. One
Which of the following statements would be FALSE?
I. Closing for a mortgage loan refers to the moment the loan is paid off.
II. One important advantage to a borrower who qualifies for an FHA or VA loan is the exemption from credit assessment.
III. A FICO score below 660 is considered good while a score above 720 is likely to cause problems in obtaining a loan.
IV. During the early years of a mortgage loan, the lender applies most of the payment to the principal on the loan.
II and III
I and IV
All of the above
I, III, and IV
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