FinanceCâu 77 / 120
When a buyer takes over the seller's existing mortgage and becomes personally responsible for it, the buyer has:
a.Subordinated the loan
b.Defeased the loan
c.Assumed the loan
d.Refinanced with a new lender
Giải thích
Assuming a loan means the buyer takes over the seller's existing mortgage and agrees to be personally liable for the debt. Lender approval is often required, especially with a due-on-sale clause. This differs from buying 'subject to' the mortgage, where the buyer does not assume personal liability.
Luyện miễn phí toàn bộ 120 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- Private mortgage insurance (PMI) is typically required when a conventional borrower makes a down payment of:
- The clause in a mortgage that allows the lender to demand full repayment if the borrower defaults is the:
- A 'due-on-sale' (alienation) clause in a mortgage generally:
- The interest rate on an adjustable-rate mortgage (ARM) is typically calculated as:
- The secondary mortgage market, including entities like Fannie Mae and Freddie Mac, primarily functions to:
- A prepayment penalty in a loan is a charge for:
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