3
QuizMultiple Choice

Mortgages and Home Ownership

Question 3 • TX-Personal Financial Literacy and Economics

People most likely need to take out a mortgage when they

Answer
A
have bad credit.
B
are making a large purchase.
C
are spending less than $1,000.
D
have legal problems.

Explanation

A mortgage is a loan used to buy real estate, usually a home, which is a large purchase. Bad credit or legal problems do not by themselves mean someone needs a mortgage.

AI-written and checked against the verified answer.

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