select the correct answer. which phrase best describes mortgage collateral? a. money used as a down payment…

select the correct answer. which phrase best describes mortgage collateral? a. money used as a down payment for the loan b. assets obtained after securing the loan c. the purchased property that secures the loan d. closing costs covered by the buyer

select the correct answer. which phrase best describes mortgage collateral? a. money used as a down payment for the loan b. assets obtained after securing the loan c. the purchased property that secures the loan d. closing costs covered by the buyer

Answer

Brief Explanations:

Mortgage collateral is an asset that a borrower offers to a lender to secure a mortgage loan. In the case of a mortgage, the purchased property itself serves as the collateral. If the borrower defaults on the loan, the lender can seize the property. Down - payment is not collateral, assets obtained after the loan is secured are not related to the initial collateral, and closing costs are not collateral.

Answer:

C. the purchased property that secures the loan