Interest rates were high during covid when Ralph bought his first home. Interest rates have come down since and Ralph is with his banker at the Royal Bank of Canada (RBC) as he wants to renegotiate his existing mortgage loan agreement. __________ requires the payment of closing costs and involves paying off an existing mortgage with a new mortgage that has a lower interest rate.
Question 8Select one:
a.
Mortgage amortization
b.
Reverse mortgage
c.
Convertibility feature on a mortgage
d.
Mortgage refinancing