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Collateral security

The mortgage definition for Collateral security:

Additional security a borrower supplies to obtain a loan.

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Collateral

Collateral
The property or other asset which the lender can sell to repay the loan if the borrower does not keep up the mortgage payments. In most cases, the home is collateral on a mortgage. If the borrower fails to repay the loan, the property will be repossessed. 




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