Property Ownership
A NH property's mortgage creates which type of lien?
AA voluntary, specific lien on the specific mortgaged property✓ Correct
BAn involuntary lien on all the borrower's assets
CA judgment lien on all real property
DA tax lien on the property
Explanation
A mortgage is a voluntary (consensual) lien — the borrower chose to create it — and is a specific lien, applying only to the specific property described in the mortgage, not to all the borrower's assets.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
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