Is a collateral loan against a house considered to be a mortgage?

I found a house that is really cheap but I don’t qualify for the mortgage at all. Now I’m looking for a lender who’ll lend me the money using the deed as collateral. The term of the loan may have high interest on the loan with 60-72 months. Is a collateral loan against a house considered to be a mortgage?

3 Answers

Yes, a collateral loan that you may take out against a house is considered to be a mortgage.


If the house is collateral for the loan, then it can be termed as mortgage. Well, when you’re not going to the bank for mortgage, I can assume that your credit score is not that good. You can look for subprime mortgage but the interest on this loan is generally high on this loan. However, you can opt for the loan that you’re planning to apply with 20% or more interest rate for a 5-6 years term. If you’ve stable income, then the lender can be interested to give a mortgage loan.  


Yes, this will be considered as a mortgage.

I found a house that is really cheap but I don’t qualify for the mortgage at all. - Why? Is it because your credit score is too low?


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