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