Reference no: EM131082523
Review the statements below:
Statement I: When a Bank requires a Borrower to pay a large downpayment on the purchase of a house, the Bank is reducing its risk by increasing the equity cushion to support any losses in value to the collateral.
Statement II: When a Bank requires a Borrower to pay a large downpayment on the purchase of a house, the Borrower's risk is reduced because the monthly payment will be lower, making the home more affordable.
Statement III: When a Bank requires a Borrower to pay a large downpayment on the purchase of a house, the Seller of the house is seeing less risk due to the terms of the mortgage loan.
a. Statements I and II are the only correct statements
b. Statements I and III are the only correct statements
c. Only Statement I is correct
d. Only Statement II is correct
e. Statements II and III are the only correct statements
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