Finance
An adjustable-rate mortgage (ARM) that adjusts once a year after an initial fixed period is most accurately described as:
AA balloon mortgage
BA hybrid ARM✓ Correct
CA fixed-rate mortgage
DA reverse mortgage
Explanation
A hybrid ARM combines features of fixed and adjustable mortgages with an initial fixed-rate period (e.g., 5 years) and then adjusts periodically (e.g., annually). Common examples are 5/1 ARMs and 7/1 ARMs.
Related Oklahoma Finance Questions
- Oklahoma lenders who originate residential mortgage loans must be licensed under:
- A balloon mortgage features:
- An Oklahoma USDA loan's primary geographic eligibility requirement is that:
- Under the Federal Reserve's regulation of credit, Regulation B (Equal Credit Opportunity Act) prohibits lenders from:
- Oklahoma property taxes create a lien on real estate. This lien is:
- Private mortgage insurance (PMI) in Oklahoma may be cancelled when:
- An Oklahoma homeowner receives an offer from a company to buy their home through an iBuyer or 'cash offer' program. These programs typically:
- An Oklahoma buyer is obtaining a 'jumbo' mortgage. Jumbo loans differ from conforming loans because they:
Practice More Oklahoma Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oklahoma Quiz →