A person who wants to buy a new house is most likely to apply for which type of loan? A. Credit card
B. Mortgage
C. Cash advance
D. Student loan
A person who wants to buy a new house is most likely to apply for which type of loan?
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The correct answer is B. Mortgage.
A mortgage is a specifically designed loan for purchasing real estate, like a house. Unlike credit cards or cash advances, which are meant for immediate cash needs, a mortgage allows individuals to finance the long-term purchase of property while paying it back over several years.