it is important that your choice of mortgage loans matches your financial goals. which of these home loans…

it is important that your choice of mortgage loans matches your financial goals. which of these home loans will take the longest to pay off? choose 1 answer: a 5/1 arm b 15 - year fixed mortgage c 30 - year fixed mortgage

it is important that your choice of mortgage loans matches your financial goals. which of these home loans will take the longest to pay off? choose 1 answer: a 5/1 arm b 15 - year fixed mortgage c 30 - year fixed mortgage

Answer

Explanation:

Step1: Analyze loan - terms

The numbers in the loan names represent the pay - off period. A 5/1 ARM is an adjustable - rate mortgage with an initial fixed rate period of 5 years and then an adjustable rate. A 15 - year fixed mortgage has a pay - off period of 15 years. A 30 - year fixed mortgage has a pay - off period of 30 years.

Step2: Compare pay - off periods

30 years > 15 years and 30 years > 5 years (initial fixed rate period of 5/1 ARM).

Answer:

C. 30 - year fixed mortgage