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QUESTION 17 Harry and Megan are buying a home in Massachusetts for $800,000.00. They plan to put $200,000.00 down and finance the remaining $600,000.00 with
QUESTION 17
- Harry and Megan are buying a home in Massachusetts for $800,000.00. They plan to put $200,000.00 down and finance the remaining $600,000.00 with a mortgage loan. Their loan officer tells them that Megan qualifies for a better interest rate by herself then they do together. They want to own the home jointly as tenants by the entirety, but Megan will be the only borrower on the loan. Which one of the following is true:
| a. | Harry cannot own the property with Megan unless he is also a borrower. | |
| b. | Even if Megan is the only borrower, both Harry and Megan will need to sign the Promissory Note if they both own the property. | |
| c. | Even if Megan is the only borrower, both Harry and Megan will need to sign the Mortgage if they both own the property. | |
| d. | None of the above. |
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Financial Reporting Financial Statement Analysis And Valuation A Strategic Perspective
Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
9th Edition
1337614689, 1337614688, 9781337668262, 978-1337614689
