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Mortgage. A mortgage loan or simply mortgage (/ ˈmɔːrɡɪdʒ /), in civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged.
Secured loans are debt products that are protected by collateral. This means that when you apply for a secured loan, the lender will need to know which of your assets you plan to use to back the ...
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The debt is thus secured against the collateral, and if the borrower defaults, the creditor takes possession of the asset used as collateral and may ...
Secured transaction. A secured transaction is a loan or a credit transaction in which the lender acquires a security interest in collateral owned by the borrower and is entitled to foreclose on or repossess the collateral in the event of the borrower's default. The terms of the relationship are governed by a contract, or security agreement. [1]
Secured debt is backed by collateral, whereas unsecured debt doesn't require you to put any assets on the line to get approved. Because lenders take on more risk, unsecured debts tend to have ...
Secured loans differ from unsecured loans in that secured loans require collateral. The lender won’t approve a secured loan if a borrower doesn’t agree to provide an asset as insurance ...
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