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Which type of loan is similar to a credit card, where the lender sets the maximum amount that you can borrow based on your equity in the home? A. An amortization O B. A second mortgage O C. Equity D. An
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Which type of loan is similar to a credit card, where the lender sets the

maximum amount that you can borrow based on your equity in the home?
A. An amortization
O B. A second mortgage
O C. Equity
D. An equity line of credit

User Fabin Paul
by
3.5k points

2 Answers

7 votes

Answer:

second morgage

Step-by-step explanation:

A second mortgage is a lien taken out against a property that already has a loan on it. A lien is a right to possess and seize property under specific circumstances.

User EngineeredE
by
4.1k points
9 votes

Answer: D. An equity line of credit

Explanation: Took the quiz and got it right.

User Jan Doggen
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4.2k points
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