Ads
related to: chattel mortgage loan examples- Zero Down Payment
Read our expert's take on the most
important factors for you to know
- Home Equity Rates
Everything you need to know
An in-depth look from our experts
- Compare Mortgage Rates
Get the best lenders to request
your rate from, updated daily
- First Time Buyer Guide
We've gathered all the information
you'll need to make your decision
- Mortgage Lenders Reviewed
Our expert team gathered
The main take-aways for you
- No Closing Costs
Read our expert's take on the most
important factors to look over
- Zero Down Payment
Search results
Results From The WOW.Com Content Network
Chattel mortgage, sometimes abbreviated CM, is the legal term for a type of loan contract used in some states with legal systems derived from English law. Under a typical chattel mortgage, the purchaser borrows funds for the purchase of movable personal property (the chattel ) from the lender.
A chattel loan, otherwise known as a chattel mortgage, is a form of secured property loan that applies only to movable assets. As with all loans in this category, the lender receives an interest ...
For example, if a piece of lumber sits in a lumber yard, it is a chattel. If the same lumber is used to build a fence on the land, it becomes a fixture to that real property. In many cases, the determination of whether property is a fixture or a chattel turns on the degree to which the property is attached to the land.
In common law it is possible to place a mortgage upon real property. Such a mortgage requires payment, or the owner of the mortgage can seek foreclosure. Personal property can often be secured with a similar kind of device, variously called a chattel mortgage, a trust receipt, or a security interest.
A loan officer can help you determine which loan is right for you and help you identify the loan’s terms and conditions. 44.8% Percentage of new mortgages that were conventional loans in 2023
Asset depletion loans: If you have no income but significant assets, a lender might be able to use those assets to qualify you for a mortgage. These types of loans are costly, however — it might ...
Ads
related to: chattel mortgage loan examples