Virginia Real Estate Exam Practice Question
If Fiona wants to pay off her mortgage early, what might she consider before doing so?
Correct Answer: C
Rationale: Paying off a mortgage early can have financial implications. Considering a pre-payment penalty (Option C) is crucial, as some lenders impose fees for early repayment, which could negate potential savings.
Option A, taking out a second mortgage, is generally counterproductive if the goal is to pay off the first mortgage early. Option B, choosing to rent instead, diverts from the focus on mortgage repayment and may not align with Fiona's long-term financial goals. Option D, while relevant, does not address immediate concerns like penalties, making it less critical in the decision-making process.
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