Question: 1.What is the main difference between home equity loans (HELs) and home equity line of credits (HELOCs)? 2.What are ARM periods? What is a 5/1

1.What is the main difference between home equity loans (HELs) and home equity line of credits (HELOCs)?

2.What are ARM periods? What is a 5/1 ARM?

3.Ron and Linda are shopping for a mortgage. They are considering between a fixed rate loan and an adjustable rate mortgage (ARM). Which type of loan has lower insurance premiums? And why?

4.Briefly discuss the reasons most borrowers refinance loans.

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