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

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

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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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