5 What is a mortgage?
The legal document used to allow a lender to use real property as collateral
The difference between what is owned vs. what is owed
The transfer of a lease agreement to a new tenant
All of the choices are incorrect.
6 Most lenders require how much of a down payment for a house?
No down payment
7 Why might you have to pay private mortgage insurance (PMI)?
You had more than three traffic violations in the past year.
You put down less than 20% on your home.
You live in a high-risk neighborhood.
You have a history of defaults.
8 What does HELOC stand for?
Health expense license of California
Home equity line of credit
Home equity liquidation of credit
None of the answers are correct.
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5) Mortgage is the legal document used to allow a lender to use real property as a... View the full answer