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Loans & Lending Practices MCQs

What does the term "Escrow" mean?

A sum a borrower pays to a lender to decrease the interest rate of a mortgage

The market value of a home

A neutral third party that carries out the instructions of both the buyer and the seller to handle all the paperwork of settlement or closing

The amount by which a home is overpriced above the market price

Answer

Correct Answer: A neutral third party that carries out the instructions of both the buyer and the seller to handle all the paperwork of settlement or closing

Explanation:

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