Lorna and Hal have obtained a growing equity mortgage for their new home. What does that...
Lorna and Hal have obtained a growing equity mortgage for their new home. What does that mean?
A)The loan will be distributed to them gradually.
B)The interest rate will increase gradually over time.
C)The loan term will extend gradually over time.
D)Their loan payments will gradually increase.
Homework Answers
A growing-equity mortgage is a fixed-rate mortgage on which the monthly payments increase over time according to a set schedule.
Thus the answer is:-
D)Their loan payments will gradually increase.
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