Solved: What does, secured by residence Yes or No mean? Under home mortgage interest?
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PROJECTSR4US
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What does, secured by residence Yes or No mean? Under home mortgage interest?

 
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Coleen3
Intuit Alumni

What does, secured by residence Yes or No mean? Under home mortgage interest?

Most mortgages are secured by the residence. 

Since secured debt is a loan that is guaranteed by collateral, the lender can offer better rates than an unsecured debt. Collateral is an asset used to secure a loan; it is something that the lender can take if the borrower defaults. ... Mortgages and auto loans are thus examples of secured debt.

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Coleen3
Intuit Alumni

What does, secured by residence Yes or No mean? Under home mortgage interest?

Most mortgages are secured by the residence. 

Since secured debt is a loan that is guaranteed by collateral, the lender can offer better rates than an unsecured debt. Collateral is an asset used to secure a loan; it is something that the lender can take if the borrower defaults. ... Mortgages and auto loans are thus examples of secured debt.

View solution in original post

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