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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.
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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