Match the description with the term related to mortgages. - Insurance that the lender may...
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Finance
Match the description with the term related to mortgages.
- Insurance that the lender may require the borrow to buy if their down payment is less than 20% for most mortgages.
- A type of mortgage where the interest rate is the same for the whole time period of the loan.
- A type of loan where the interest rate may change after a certain time period.
- An amount that the lender may add to the monthly mortgage that is then used to pay for the property taxes and homeowner's insurance.
- An evaluation of the property/house that the lender may require to decide on the amount of the loan that will be given based on the value of the property/house.
A. Personal Mortgage Insurance (PMI)
B. Escrow
C. Fixed-rate mortgage
D. Variable rate mortgage
E. An appraisal.
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