West Virginia Mortgage Law Test 2025 – 400 Free Practice Questions to Pass the Exam

The correct answer is that in West Virginia, borrowers have access to a variety of mortgage options, including fixed-rate, adjustable-rate, and interest-only mortgages.

Fixed-rate mortgages provide borrowers with a consistent interest rate and stable monthly payments throughout the life of the loan, making them a popular choice for those who prefer predictable budgeting over the long term.

Adjustable-rate mortgages, on the other hand, initially offer lower interest rates that may increase after a specified period, which could provide initial affordability but may introduce uncertainty in future payments.

Interest-only mortgages allow borrowers to pay only the interest for a certain period, resulting in lower initial payments but eventually requiring the borrower to start paying off the principal, which may lead to larger future payments.

This diversity in mortgage types allows West Virginia residents to choose a loan that best fits their financial needs and long-term goals, accommodating different risk profiles and market conditions.