Final answer:
To buy a house with a 10 percent down payment, Trenton will likely need to secure a mortgage and possibly purchase mortgage insurance. A co-signer or guarantor might also be required if his credit is not strong enough.
Step-by-step explanation:
When Trenton aims to buy a house with only a 10 percent down payment, he will most likely need a mortgage. This is because a typical down payment for a house is around 20 percent of the purchase price. With a down payment lower than that, in Trenton's case only 10 percent, the mortgage lender will probably require him to purchase mortgage insurance to protect the lender in case he defaults on the loan. This mortgage insurance is an additional cost that will increase Trenton's monthly payments.
Apart from a mortgage, having a guarantor or a co-signer may be suggested or required, especially if Trenton's credit history is not strong. A co-signer legally agrees to pay back some or all of the loan if Trenton cannot. Providing collateral is another measure that lenders might require. Collateral is an asset, such as property or equipment, which can be seized and sold by the lender to recover the loan amount if Trenton defaults on his mortgage.