True or False? if False say why
1- If you want to increase your FICO socre, it is a good idea to max out your credit card
2- If you cannot afford to make 20 percent down payment, you can choose to buy mortgage insurance and not to pay any down payment at all
3- The ratio of borrower income to housing expense is referred to as "LTV"
4- A mortgage is said to be confornming if it meets the Fannie Mea/Freddie Mac guidelines
5- A potential loss that could occur if the borrower falied to make payment on a loan is called interest rate risk.
6- A 7/1 ARM means that the mortgage is floating rate with an initial rate of 7 percent.