What do Mortgage Privileges typically include?

Mortgage privileges generally encompass specific features or advantages that benefit the borrower throughout the life of the mortgage. These can include options such as the ability to prepay part of the mortgage without facing penalties, which allows borrowers to pay down their debt faster and save on interest costs. Portability is another key privilege, enabling borrowers to transfer their existing mortgage to a new property if they move, helping them avoid potential penalties and securing their favorable mortgage terms.

In contrast, the other choices do not accurately represent common mortgage privileges. Fixed settlements, for example, do not apply universally across all mortgage types, as interest rates and terms can vary widely. Legal ownership of the property is inherent once the mortgage is in place, rather than a privilege associated with the mortgage itself, while mandatory fees for early repayment often refer to penalties or charges, which are contrary to the idea of mortgage privileges offering benefits to borrowers. Thus, the correct answer highlights the advantages of flexibility and borrower-friendly features that are typical in many mortgage agreements.