Question: 7) why are ARM rates generally lower than Fixed rate mortgages? 5. A mortgage is BEST defined as a legal document that: A. creates an

7) why are ARM rates generally lower than Fixed rate mortgages?

5. A mortgage is BEST defined as a legal document that: A. creates an obligation to repay a loan under specific terms. B. names real estate as the secur C. defines a possessory interest in real estate. D. conveys ownership of a property to its purchaser ity or collateral for the repayment of a loan. 6. One of the most popular amortizing mortgages today is the constant payment mort gage hich of the following characterizes the components of the CPM payment over the life of the loan? Interest Decreasing Increasing Decreasing Constant Amortization Decreasing Decreasing Increasing Constant Payment Decreasing Constant Constant Constant A. C

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