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Loans & Lending Practices MCQs

What does the term "Escrow Payment" mean?

The placing of funds in a special account to cover regular payment of taxes and insurance

The fee charged for borrowing money

An additional payment made to reduce the principal balance of a mortgage

The final payment made to pay off a mortgage

Answer

Correct Answer: The placing of funds in a special account to cover regular payment of taxes and insurance

Explanation:

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