Ratio of borrower income to housing expense

Assignment Help Financial Management

Reference no: EM131991529

True or False? if False say why

1- If you want to increase your FICO socre, it is a good idea to max out your credit card

2- If you cannot afford to make 20 percent down payment, you can choose to buy mortgage insurance and not to pay any down payment at all

3- The ratio of borrower income to housing expense is referred to as "LTV"

4- A mortgage is said to be confornming if it meets the Fannie Mea/Freddie Mac guidelines

5- A potential loss that could occur if the borrower falied to make payment on a loan is called interest rate risk.

6- A 7/1 ARM means that the mortgage is floating rate with an initial rate of 7 percent.

Reference no: EM131991529

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