Fill in the blanks to complete the passage about home mortgage refinancing.
Drag word(s) below to fill in the blank(s) in the passage.
With a –1) SELECT A LABEL mortgage loan, the monthly payment amount does not change. If market interest rates go –2) SELECT A LABEL , the homebuyer reaps the benefit of having borrowed at a rate better than the current market. On the other hand, if rates go –3) SELECT A LABEL, the homebuyer can refinance, taking out a new loan, at a –4) SELECT A LABEL, to pay off the old one. However, because of processing fees, it only makes sense to refinance if the change in rate is –5) SELECT A LABEL and if the new loan remains in effect for at least a few years.
up significant lower down higher small variable-rate fixed-rate.