Finance
In Utah, a purchase money mortgage is one where:
AThe buyer pays cash and later mortgages the property
BThe loan is used to finance the purchase of the property and is secured by that property✓ Correct
CThe government provides mortgage insurance
DThe lender is also the seller of the property
Explanation
A purchase money mortgage is a loan used specifically to purchase the property that serves as collateral. It can be from a traditional lender or from the seller (seller financing).
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