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Vadim26 [7]
3 years ago
14

Timothy, a staff member at a university, wants to purchase a house. As he does not have sufficient funds, he is forced to take a

loan. Given his low credit score, it is highly unlikely that he will be able to repay the borrowed money. In this scenario, Timothy should apply for a(n) _____.
Social Studies
1 answer:
Maksim231197 [3]3 years ago
4 0

Answer:

Timothy should apply for a mortgage loan.

Explanation:

A mortgage loan is used to buy real state while putting a lien on the property being mortgaged. As Timothy wants to acquire real state (a house in this case) his loan is secured on the borrower's property (the same house). A lien, in this case, would be a security interest granted over the house as property to secure the payment of Timothy's debt.

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