Secured mortgage loans have collateral. If the borrower does not repay the loan as agreed, the lender can take the collateral and sell it to satisfy the debt. Unsecured mortgage loans do not have collateral. The borrower merely promises to repay the loan as agreed. Secured loans are less risky for lenders. Accordingly, secured loans usually come with a lower interest rate. Get Quoted for FREE on a Home Mortgage Loan |
