Which statement is false? Poin A Most variable-rate mortgages are closed, requiring a prepayment penalty. B Variable-rate mortgages can be obtained for various amortization periods. A convertible mortgage permits individuals to renew their mortgage before the end of the current term to lock in the current rate when interest rates are expected to rise. D The interest rate charged on a variable-rate mortgage is determined by adding a percentage to prime for the total mortgage rate