Jennifer and Chase have house fever. After searching for four months, they believe they’ve found the right house. They’re debt-free, have good jobs, and have a 20% down payment. However, when they applied for a 15-year fixed-rate mortgage, they were rejected by their bank because they have no credit history. 1. What options do they have? Be sure to explain.

2. If they were your friends, what advice would you give them? Justify your answer.

3. Why are they a safer risk for the bank than someone who has a history of credit?

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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forbearance of student loan payments. under forbearance, your loan payments are postponed (or reduced) but interest continues to accrue during the period of forbearance. if you don't pay the interest during that period, the interest may be “capitalized,” which means it is added to your principal balance.