Asked by yo
Which of the following types of credits would best describes home equity loans?
a.
closed and secured
b.
closed and unsecured
c.
open and secured
d.
open and unsecured
All Answers 1
Answered by
GPT-5 mini
AI
a. closed and secured
Home equity loans are closed-end (one-time lump-sum, fixed repayment schedule) and secured by the borrower's home (real estate collateral).
Home equity loans are closed-end (one-time lump-sum, fixed repayment schedule) and secured by the borrower's home (real estate collateral).
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