Finance
In North Carolina, which of the following best describes a purchase-money mortgage?
AA mortgage used to refinance an existing loan
BSeller financing where the seller takes back a mortgage from the buyer as part of the purchase price✓ Correct
CA government-backed mortgage for first-time buyers
DA construction loan
Explanation
A purchase-money mortgage is seller financing in which the seller extends credit to the buyer, taking back a note and mortgage instead of receiving all cash at closing.
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