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Question
Each of the following statements about open-end mortgage clauses is true EXCEPTa. using an open-end clause, the new amount borrowed is added to the mortgage balance.
b. they are used in government loans like DVA and FHA.
c. they are used in conventional mortgages.
d. funds borrowed using an open-end clause are reamortized over the remaining like of the mortgage.
Answer
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A man bought a home two years ago and sold it a year later. You would expect to find his name and a reference to the home in the mortgagee index.