Archive for the ‘line of credit’ Category

Is a chattel mortgage secured against a house?

June 10th, 2010

A chattel mortgage is a type of secured loan.  It is called a chattel mortgage because it is secured against a movable object that is not tied to a piece of land.  Although a chattel mortgage can apply to a house boat or a mobile home, it cannot apply to a normal house.

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What is a second mortgage?

June 9th, 2010

A second mortgage is a mortgage that is taken out on a home that already has another mortgage taken out on it.  This can also be known as a line of credit or an equity release loan – although these are different types of products.

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The ANZ Equity Manager

May 6th, 2010

The ANZ Equity Manager is a line of credit that is offered by ANZ, one of the big four Australian banks.

A line of credit is an overdraft that is secured by mortgages on a home.  Unlike a home loan it is not going to buy the home, rather release any equity that has built up through either an increase in market prices, home improvements or paying off a repayment mortgage.  The money can then be used in whatever way the home owner sees fit, either as a way to pay for a small business or for retraining.

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Lines of Credit – Mortgage Backed Loans

May 4th, 2010

A line of credit is a mortgage backed loan that allows a person to borrow up to a certain limit against their home.  They can be useful for someone who wants this either to help with retraining or for setting up a small business such as a franchise or a self-employment.

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