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A long-term source of finance which requires the borrower to provide property and land as collateral (security guarantee) to the lender in case the borrower defaults on the loan. a. Mortgage b. Consumer
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A long-term source of finance which requires the borrower to provide property and land as collateral (security guarantee) to the lender in case the borrower defaults on the loan.

a. Mortgage
b. Consumer Share
c. Loan
d. None of the above

User Anson Wong
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1 Answer

5 votes

Answer:

The correct answer is letter "A": Mortgage.

Step-by-step explanation:

A mortgage is a loan used to purchase a home where the property serves as the borrowers' collateral. It is provided when individuals or companies look for purchasing a property but they do not have enough funds to pay for the total amount of the building. The borrower is responsible for a monthly payment where part of the amount of money loan is paid (principal) added by an interest percentage. Before proceeding with the loan, financial institutions investigate the borrower's credit history to determine if they can approve or not the mortgage loan.

User SerialSeb
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