Question
What do borrowers use to secure a mortgage loan? Check all that apply.
A: a credit card
B: a down payment
C: a house
D: land
E: a vehicle
A: a credit card
B: a down payment
C: a house
D: land
E: a vehicle
Answers
GPT-4o mini
Borrowers typically use the following to secure a mortgage loan:
B: a down payment
C: a house
D: land
A credit card and a vehicle are generally not used to secure a mortgage loan. The down payment is a portion of the purchase price paid upfront, while the house or land itself serves as collateral for the loan.
B: a down payment
C: a house
D: land
A credit card and a vehicle are generally not used to secure a mortgage loan. The down payment is a portion of the purchase price paid upfront, while the house or land itself serves as collateral for the loan.