View the step-by-step solution to:

5 What is a mortgage?

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?

30%

40%

20%

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.

Top Answer

Q1. The legal document used to allow a lender to use real... View the full answer

Sign up to view the full answer

Other Answers

5) Mortgage is the legal document used to allow a lender to use real property as a... View the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask a homework question - tutors are online