Question

What do borrowers use to secure a mortgage loan? Check all that apply.

a credit card
b down payment
c house
d land
e vehicle

Answer 1

The correct answer is A) credit card and B) down payment.

What borrowers use to secure a mortgage loan are credit card and down payment.

To get your mortgage approved you need to check your credit score first so you are sure that everything is in order. Be aware that when you apply for a mortgage loan you have to make a down payment. So you need to save and have enough cash available. The amount of money of the down payment depends on the type of loan and the credit institution.

Answer 2

The borrowers use to secure a mortgage loan through house, land, and vehicle.

What is a mortgage for a loan?

A mortgage is said as a financial loan that borrowers take to either purchase a property or reconstruct the property. These loans are taken against collateral that has some resell value such as land and home.

Therefore, it gives assistance to the borrower in the form of buying capacity that provides an easy repayment mechanism for loans.

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