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Mortgage Glossary

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Collateral

An asset that can be used as security for a loan.

Collateral & Mortgages

A mortgage on real estate which is used as security for a loan. The funds borrowed can be used to buy a property, or for other purposes such as home renovations or for a vacation. The interest rates for collateral mortgages are frequently higher than normal mortgages. These mortgages can usually be paid off at any time with no penalty.

 

 

 

 

 

 

 

 

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