If a bank grants you a mortgage, the mortgage is
A)an asset to you as well as an asset to the bank.
B)an asset to you, but a liability to the bank.
C)a liability to you, but an asset to the bank.
D)a liability to you as well as a liability to the bank.

Question

Quizplus · Accepted Answer

A mortgage is a liability to you because it represents money you owe, but it's an asset to the bank because it represents money the bank expects to receive.

If a Bank Grants You a Mortgage, the Mortgage Is