Finance
A mortgage that includes both the land and the building as collateral is called a:
ABlanket mortgage✓ Correct
BPackage mortgage
CParticipation mortgage
DOpen-end mortgage
Explanation
A blanket mortgage covers two or more parcels of real property. However, if the question meant one property with land and improvements, a standard real property mortgage accomplishes this.
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Key Terms to Know
Amortization
The gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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