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Which of the following is an example of voluntary debt - that is, debt a person or business creates in good faith and not under duress? A. Mortgage B. All of these C. Boat loan D. Car loan

Sagot :

A mortgage is an example of voluntary debt - that is, debt a person or business creates in good faith and not under duress.

Mortgages are a sort of loan that can be used to buy or keep up a house, land, or another 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.

Learn more about mortgages here:

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