What is a secure loan? what is unsecure loan? What is a Morgage? what is a Remorgage?



Answers:
A secure loan is secured by some collateral: house, car, coin collection, jewelry etc..." An unsecure loan is one that is only backed up by your good name (credit). Federal student loans are an example of an unsecure loan.

A Mortgage is a loan that is secured by the bank holding the deed to a piece of property. It is usually a long term loan that will be paid off in 5, 10, 15 or 30 years.

I'm not totally sure on a remortgage but I would assume you mean a second of third mortgage. This is where you have paid off some principle on the first mortgage but for some reason (usually lower interest or better terms or you need cash for a business or home repairs or reduction of credit card debt) you take a second mortgage. You usually have to pay closing costs and all the other fun little riders all over again.

The late 90s and early 00s saw an explosion of second and third mortgages.

When in doubt: Google it!

The Secured Loan information post by website user , LoanSecuredLoan.com not guarantee correctness.


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