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When you take out a loan to buy a property, National Bank takes out a mortgage on your home to protect itself. This security, your mortgage, gives National Bank the right to sell or take possession of your property if you cannot pay your mortgage.
What is the purpose of a security agreement?
A security agreement is a contract that allows a lender to collect collateral that a borrower puts up, or guarantees, for the loan. Guaranteeing collateral allows the lender to feel more assured about lending money.
What is the security for a home loan?
If youre buying a home for yourself or your family, the bank will require security for this loan. The property itself will be the security for the loan, provided the property is considered suitable security. That means theres an asset behind all that money theyre lending you.
Is a security agreement the same as a lien?
A security interest exists when a borrower enters into a contract that allows the lender or secured party to take collateral that the borrower owns in the event that the borrower cannot pay back the loan. The term security interest is often used interchangeably with the term lien in the United States.
What is the security for a mortgage?
When you sign the mortgage agreement you agree to give the property as security. This means if you dont keep up with the repayments, the lender has the right to take back and sell the property. But they cant do this without first going to court.
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A security interest means that if you dont make the mortgage payments as agreed, or if you break your agreement with the lender, the lender can take your home and sell it to pay off the loan. You give the lender this right when you sign your closing forms.
What is a mortgage and security agreement?
Mortgage and security interest are two similar terms, both referring to a collateral created in order to secure a debt by one party to the other. They operate similarly, both give preferential rights to the secured party in the disposition of assets in question.
How are mortgages secured?
A loan is considered secured if it is backed by some form of collateral. For example, car loans and home mortgages are secured loans. If you cannot repay your loan, the lender can take ownership of the collateral (your car or home) to recoup their losses.
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