The bank gives you money in exchange for a mortgage on your house. This type of loan is called a/an .

house loans

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mortgage

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appliance loans

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payday loans

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Solution

The correct option is B mortgage
The bank gives you money in exchange for a mortgage on your house. This type of loan is called a mortgage. A mortgage is used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged.

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Similar questions

The bank gives you money in exchange for a mortgage on your house. This type of loan is called _____________.

The house kept with the bank as mortgage acts as a security for the loan. Hence, it is ___________ to the bank

The mortgage is a _________ which entitles the bank to your house or property.

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