Question: A mortgage which may be increased by advancing additional funds to the borrower is known as:

Written by Posted On Thursday, 12 December 2019 05:00

(A) Hypothecated
(B) Closed-end
(C) Open-end
(D) Amortized


Answer:  (C)  An open-end mortgage is the type in which additional funds may be advanced to the borrower without the necessity of writing a new mortgage for each advance.

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