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What does Secured Home Loan mean?
A secured home loan is a home loan where there is a security or collateral used to secure the mortgage. Often times the home itself can be used as collateral to lower the interest rate and monthly payment. By using the equity in the house as collateral for the secured loan.
What does refinancing actually mean?
Refinancing your home loan is where you take out a new home loan to pay off your existing one. You can either refinance by taking out a loan with a new bank or you can refinance to a new loan from your existing lender.
What does secure a loan with a mortgage mean?
It means if you fail to keep up the payments of the loan then your home will be sold to clear the loan and you'll be out on the streets.
Which loan is better Personal or Home loan?
home loan
What is a modification on a home mortgage?
A home mortgage modification mean, "a change in already approved home loan either in interest rate or in its duration etc". Recently Obama administration has modified some 500,000 home mortgage loan.
Can a home equity loan be used for a downpayment on another home?
A home equity loan is a type of loan in which the borrower uses the equity in their home as collateral. There is no restriction on how we can use the money from Home Equity Loan.
A home equity loan is a lump-sum second mortgage loan made on the available equity in a home?
True, home equity loan.
Have you been preapproved for a home loan?
Yes, I have been preapproved for a home loan.
Can I get a new home loan even though I have an existing home loan?
Yes, you can get a new home loan even if you have an existing one, but your eligibility and terms may be influenced by your current home loan obligations and financial situation.
Can you have a car loan and a home loan?
Absolutely!
What are home equity loans for?
A home equity loan is a loan to be used to make repairs on a home. It is a loan that can be taken against a mortgage to fix a problem or make upgrades to a home.
Is a home improvement loan a recourse loan?
no. why would it be a recourse loan
