A standard mortgageA loan using your home as collateral. In some states, the term mortgage is also used to describe the document you sign (to grant the lender a lien on your home). It also may be used to indicate the amount of money you borrow, with interest, to purchase your house. The amount of your mortgage often is the purchase price... application you will have to complete. The form requests your income, assets, liabilitiesA person’s debts and other financial obligations., and a description of the property you plan to buy, among other things. Unsecured Loan: A loan that is not backed by collateralAn asset that is pledged as security for a loan. The borrower risks losing the asset if the loan is not repaid according to the terms of the loan agreement. In the case of a mortgage, the collateral would be the house and real property.....
