select the correct answer. what three costs contribute to the total cost of a mortgage? a. down payment…
select the correct answer. what three costs contribute to the total cost of a mortgage? a. down payment, mortgage tax, and monthly interest b. closing cost, down payment, and monthly loan payment c. closing cost, monthly interest, and starting deposit d. starting deposit, monthly interest, and mortgage tax
Answer
Brief Explanations:
The total cost of a mortgage includes the initial - out - of - pocket expense (down payment), the one - time fees at the end of the mortgage process (closing cost), and the regular payments over time (monthly loan payment). Closing costs cover various fees like appraisal, title insurance, etc. The down payment is a portion of the home's purchase price paid upfront. Monthly loan payments include principal and interest.
Answer:
B. closing cost, down payment, and monthly loan payment