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Security

The mortgage definition for Security:

A piece of property designated as collateral.

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Additional security fee

Additional security fee
An up-front, one-off fee paid to the lender to protect against the borrower defaulting on the loan. This is usually charged on mortgages of more than 75% of the property value. Also known as Indemnity Guarantee Premium and Mortgage Indemnity Premium.


Collateral security

Collateral security
Additional security a borrower supplies to obtain a loan.




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