What is The Definition of Chattel Mortgage?
A personal mortgage is a loan agreement that uses personal property as a collateral for a loan. Movable property or personal property guarantees the loan and the lender has an interest in it.
- Private property guarantees the loan and the lender reserves the right to the property.
- Mobile mortgage houses are used for rental land as well as for some types of commercial goods.
- These loans usually charge higher interest rates than traditional mortgages.
The definition of Chattel Mortgage is: Like a lease agreement, although the company owns the assets from the beginning. Periodic payments in mobile mortgages require periodic payments payments and usually offer the ability to reduce payments using final payments.
Mortgages on movable property to convert immovable property (land and buildings)
Literal Meanings of Chattel Mortgage
Meanings of Chattel:
Private property (in general use).
Sentences of Chattel
This is not a forced acquisition or compensation: you are forced to leave your home with something, property, inheritance or personal property.
Synonyms of Chattel
chattel, item owned, thing, article, asset
Meanings of Mortgage:
A legal arrangement under which a bank or other lender borrows at interest in exchange for the allocation of the borrower's property, provided that the transfer of the property is reversed after the loan is repaid.
Assign (assets) to lenders as collateral for the loan.
Sentences of Mortgage
I deposited one lakh cash and took out the rest of the mortgage
Synonyms of Mortgage
credit, mortgage, put up as collateral, guarantee, pawn, advance