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Question 1 of 1
To review Chapter 12, “Applying for a Mortgage Loan,” match each of the following terms to one of the descriptions below.
- Origination fee
- Discount points
- Lock-in fee
- Total finance charge
- Annual percentage rate
- Right of rescission
This charge covers the administrative costs associated with issuing the loan.
This is charged by a lender to increase the immediate yield on the loan.
A borrower may pay this to prevent the interest rate from increasing between the time of the loan application and the closing date.
This is the sum of all amounts paid in connection with the loan.
This is the cost of the loan stated as an annual figure.
A borrower’s ability, under the Truth in Lending Act, to back out of a home equity loan within three days.