Question

A loan is also a high-cost home loan if the transaction's points and fees will exceed: (2 of 2 ) For a loan amount of less than $21,980: the lesser of _______% or $1,099.

A) 2%
B) 5%
C) 8%
D) 10%

Answer 1

A loan is considered a high-cost home loan if the transaction's points and fees exceed the lesser of 8% or $1,099 for a loan amount of less than $21,980.

Step-by-step explanation:

In the case of a loan amount of less than $21,980, a loan is considered a high-cost home loan if the transaction's points and fees exceed the lesser of 8% or $1,099.