A person who wants to buy a new house is most likely to apply for which type of loan?A.MortgageB.Cash advanceC.Student loanD.Credit card

Which person would most likely be in the market for a mortgage loan?A.Person DB.Person BC.Person CD.Person A

Which pair of phrases correctly matches the specific type of loan with the broader category it best fits?A.Credit card — Long-term loanB.Student loan — Short-term loanC.Mortgage — Long-term loanD.Line of credit — Alternative financing

A consumer loan meant to help people pay for a home in small installments over many years is a _____.A.mortgageB.line of creditC.student loanD.payday loan

2. (a) You are selling your home, which has a large mortgage with favourable rates. You want to know whether a new purchaser can assume this mortgage. (i) Explain when assumption of a mortgage may occur, and also discuss whether you could bear any liability if the mortgage is assumed. (ii) Would novation of the mortgage be a better idea? Explain when novation may occur, and any liability you could face. (b) You are able to sell your property and now your financial advisor suggests that you should invest your new windfall in mortgages. He lists the various types of mortgages available. Discuss at least three different types of mortgages, relating their advantages and disadvantages to a mortgagee from a legal standpoint, in particular with respect to the security involved.

Which action would a bank most likely take when deciding whether a person should be approved for a loan?A.Requiring the person to take a written test about financial conceptsB.Forcing the person to shut down all other bank accountsC.Checking bank statements to see how much money the person has savedD.Investigating the person's grades in high school and college