Which of the following clauses is an example of a requirement imposed on a borrower by a closed mortgage? Select one: a. If you repay this mortgage before the term expires you must pay a 3 month interest penalty or the interest rate differential, whichever is higher. b. You are permitted to make a lump sum payment, credited directly to the outstanding principal amount of this mortgage at the time of the payment, in the amount of XX% of the original mortgage amount once per calendar year. c. Dishonoured payments will be charged a sXX NSF fee by the lender. d. You must maintain your property, pay your property taxes and maintain acceptable property insurance at all times. 2 Which of the following changes to the credit agreement does not need to be disclosed to the borrower in a written statement at least 30 days before it takes effect? Select one: a. Any decrease in charges other than interest charges and default charges b. Any change concerning information about optional services in relation to the credit agreement c. Any extension to the grace period d. Any change in the credit limit
Which of the following clauses is an example of a requirement imposed on a borrower by a closed mortgage? Select one: a. If you repay this mortgage before the term expires you must pay a 3 month interest penalty or the interest rate differential, whichever is higher. b. You are permitted to make a lump sum payment, credited directly to the outstanding principal amount of this mortgage at the time of the payment, in the amount of XX% of the original mortgage amount once per calendar year. c. Dishonoured payments will be charged a sXX NSF fee by the lender. d. You must maintain your property, pay your property taxes and maintain acceptable property insurance at all times. 2 Which of the following changes to the credit agreement does not need to be disclosed to the borrower in a written statement at least 30 days before it takes effect? Select one: a. Any decrease in charges other than interest charges and default charges b. Any change concerning information about optional services in relation to the credit agreement c. Any extension to the grace period d. Any change in the credit limit
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Transcribed Image Text:Which of the following clauses is an example of a requirement imposed on a
borrower by a closed mortgage?
Select one:
a. If you repay this mortgage before the term expires you must pay a 3 month
interest penalty or the interest rate differential, whichever is higher.
b. You are permitted to make a lump sum payment, credited directly to the
outstanding principal amount of this mortgage at the time of the payment, in
the amount of XX% of the original mortgage amount once per calendar year.
c. Dishonoured payments will be charged a sXX NSF fee by the lender.
d. You must maintain your property, pay your property taxes and maintain
acceptable property insurance at all times.
2
Transcribed Image Text:Which of the following changes to the credit agreement does not need to be
disclosed to the borrower in a written statement at least 30 days before it takes
effect?
Select one:
a. Any decrease in charges other than interest charges and default charges
b. Any change concerning information about optional services in relation to the
credit agreement
c. Any extension to the grace period
d. Any change in the credit limit
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