josecamposanaya006 josecamposanaya006

27-06-2024
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Answered

A mortgage loan is designed for what purpose?

A. To purchase a home
B. To reduce debt
C. To purchase a vehicle

Answer :

GinnyAnswer GinnyAnswer

27-06-2024

Final answer:

A mortgage loan is a specialized loan for purchasing a home, with the property serving as collateral, and it involves repayment with interest.

Explanation:

A mortgage loan is specifically designed to purchase a home. It is a type of loan where the borrower uses the property being purchased as collateral. The lender provides funds for buying the house, and the borrower repays the loan amount along with interest over a set period.

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