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Questions and Answers
What is the purpose of the repayment method?
What is the purpose of the repayment method?
- To determine the interest rate
- To specify the borrower's credit score
- To calculate the loan origination fee
- To outline how the borrowed amount will be paid back (correct)
What does the repayment method typically include?
What does the repayment method typically include?
- Borrower's employment history
- Real estate market trends
- Credit card payment options
- Repayment schedule and interest details (correct)
Why is understanding the repayment method important for borrowers?
Why is understanding the repayment method important for borrowers?
- To avoid defaulting on the loan (correct)
- To understand real estate market trends
- To increase the loan origination fee
- To negotiate the interest rate
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