A
homeowner or secured loan is one in which a lender
issues a sum of finance on the condition that
the finance is secured by the borrower’s
home or property, regardless of whether it is
owned outright, or still requires mortgage payments.
A loan that is secured against a property that
is already mortgaged is known as a second charge,
whereas a loan that is secured against a property
with no existing mortgage (owned outright by the
borrower) in place is known as a first charge.
Homeowner Loans
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