Question

loans taken out to purchase a house are commonly called?
○ personal loan
○ payday loan
○ sub-prime lending
○ mortgage

Explanation:

A personal loan is for general personal use, a payday loan is a short - term cash advance, sub - prime lending refers to lending to borrowers with low credit scores. A mortgage is specifically a loan used to purchase real estate like a house.

Answer:

D. Mortgage