Match each type of mortgage to the feature described.

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Question:

Match each type of mortgage to the feature described.adjustable-rate mortgage
balloon mortgage
hybrid mortgage
fixed-rate mortgage
A large portion of the borrowed
principal is repaid at the end of
the loan.
arrowRight
Monthly payments adjust
throughout the duration of
the loan.
arrowRight
Monthly payment will not
increase.
arrowRight
The monthly payment is initially
at a fixed rate followed by a
variable-rate period.

Answer:

The mortgage match is described below:

Balloon mortgage (Partial amortization loan)-A large portion of the borrowed principal is repaid at the end of the loan.

Adjustable-rate mortgage- Monthly payments adjust throughout the duration of the loan.

Hybrid mortgage -The monthly payment is initially at a fixed rate followed by a variable-rate period.

fixed-rate mortgage- Monthly payment will not increase.

What is a fixed-rate mortgage?

The fixed-rate mortgage is known to be a type of mortgage that has a fixed interest rate in course of the entire duration of the loan.

This may be for 10 yr, 15 yr, 25 yr, or more. It is known to be the most common type of mortgage that is obtained or used by people.

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