Finance
In South Carolina, what is 'seasoning' of a mortgage or of funds in home purchase?
AAdding favorable terms to a mortgage over time
BThe length of time a borrower has held a loan or assets (funds), demonstrating stability and reducing lender risk✓ Correct
CA mortgage that adjusts with the seasons
DThe process of reviewing a loan file thoroughly
Explanation
Seasoning refers to the duration of time assets (down payment funds, ownership of a property) have been held. Lenders may require funds to be 'seasoned' (held for 60-90 days) to ensure they're not borrowed. Seasoned mortgages may qualify for streamlined refinancing.
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