Question

which term is used when a buyer takes title to a property and agrees to make payments on the property?

Answer 1

When a buyer takes title to a property and agrees to make payments on the property, it is called mortgage.

What is mortgage?

Mortgages are a sort of loan that can be used to buy or keep up a house, land, or other piece of real estate. The borrower agrees to make periodic payments to the lender, usually in the form of a series of regular instalments that are split into principal and interest. The property then acts as security for the loan.

Applying for a mortgage requires a borrower to make sure they meet a number of standards, including minimum credit ratings and down payments. Prior to closing, mortgage applications go through a thorough underwriting procedure. The borrower's needs will determine the different mortgage options, such as fixed-rate and conventional loans.

Mortgages are also referred to as claims on property or liens against it.

Hence, when a buyer takes title to a property and agrees to make payments on the property, it is called mortgage.

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Answer 2

When a buyer takes title to a property and agrees to make payments on the property, it is called mortgage.

What is mortgage?

A mortgage is a type of loan that can be used to buy or maintain a house, land, or other property. The Borrower agrees to make periodic payments to the Lender, usually in the form of a series of periodic installments split between principal and interest. The property then acts as collateral for the loan.

When applying for a mortgage, borrowers must ensure they meet a number of criteria, including a minimum credit rating and down payment. Mortgage applications go through a thorough underwriting process before closing. Borrower needs determine different mortgage options, including fixed rate loans and traditional loans.

Mortgages are also referred to as claims on property or liens against it.

Hence, when a buyer takes title to a property and agrees to make payments on the property, it is called mortgage.

To know more about mortgage visit:

https://brainly.com/question/8084409

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