Q671
Mortgages used to purchase townhouses and apartment complexes are classified as
A.
multi mortgage
B.
multifamily dwelling mortgages
AnswerC.
sovereign dwelling mortgages
D.
primary dwelling mortgages
Answer: Option B
Solution
Answer: Option B
Solution:
Mortgages used to purchase townhouses and apartment complexes are classified as multifamily dwelling mortgages. A mortgage is a loan from a bank or a financial institution that helps the borrower purchase a house. A mortgage is secured by the home itself, so if the borrower defaults on the loan, the bank can sell the home and recoup its losses.