How are most home purchases initially funded?
A)With a vendor take-back mortgage
B)With a 5 to 20 percent down payment and a mortgage
C)With a 0 to 5 percent down payment and a mortgage
D)With a 25 to 50 percent down payment and a mortgage

Question

Quizplus · Accepted Answer

Most home purchases are initially funded with a 5 to 20 percent down payment and a mortgage. This means the buyer puts in a percentage of the total home price as a down payment and borrows the rest of the money from a lender in the form of a mortgage.

How Are Most Home Purchases Initially Funded