Question

Mr. and Mrs. Haley are purchasing beachfront property in an upscale development. The home comes equipped with all furnishings. The Haleys want to get a mortgage that will cover the purchase price plus all the furnishings. What kind of mortgage are they looking for?a.Packageb.Blanketc.Wraparoundd.Buydown

Answer 1

Answer: A. Package

Explanation: Mortgage refers to loan agreement issued to an individual or real estate dealers in other to secure a house or apartment. Package mortgage loans covers the fee for the property and furnitures in the property. The blanket mortgage are loans used to secure more than one piece of property. Wraparound mortgage could be seen as an extension offered on a principal or superior mortgage, with the wrap being lesser than the superior. Buydown mortgage occurs when the seeks to negotiate a lower mortgage rate at least for few period.

Answer 2

A. Package

Step-by-step explanation:

In real estates, when trying to purchase a property, a package mortgage in is a loan in which the property is sold alongside furniture and are included in the purchase price. This plan is promoted to consumers in that it allows them to have a fully furnished house at low mortgage interest rates and pay installments each month.