Which statements are true about mortgages?

Check all that apply:

Most mortgages allow the borrower to prepay the mortgage principal without

penalty.

Federally insured mortgages are guaranteed by the FHA or VA and may require

low or no down payment.

All mortgage loans are backed by a specific piece of property serving as

collateral.

A down payment is required as part of the mortgage agreement to reduce

default risk.

Mortgage contracts specify the terms and conditions, and institutions may sell

or securitize these mortgages.