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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Secured Debt


Synonyms:auto loan, loan with collateral, mortgage
Filed Under: financial-banking, mortgages
Tags: banking, debt, mortgage
 

Definition of secured debt

secured debt
1. A debt that is secured by a lien on a debtor's property (typically a mortgage loan) that may be taken by the creditor if the debtor defaults on his or her payments.

Related Terms and Acronyms:

  • collateral   Any property pledged as security for repayment of a debt.
  • debt   Money one person or firm owes to another person or firm.
  • debt consolidation   The replacement of multiple loans with a single loan, often with a lower monthly payment and a longer repayment period. It's also called a consolidation loan. CanEquity has access to Canada's best debt consolidation products, for more info about debt consolidation see our debt consolidation page.
  • garnishment   An amount withheld from your pay and remitted to another party, such as a creditor. You must include in your taxable income any amount that was garnished from your pay, because the full amount of your pay is considered to have been received by you even though some was withheld to pay your debts.
  • home equity line of credit (HELOC)   An open-ended loan, paid as revolving debt, that is backed by the equity in the property.
      ➥  Also known as a Home Line of Credit.
  • instalment   The regular periodic payment that a borrower agrees to make the lender.
  • leveraged property   A property financed with mortgage debt.
  • lien   A legal hold or claim of a creditor on the property of another.
  • loan   Letting another party use something of value temporarily.
  • mortgage (mtg)   A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.

More Related Terms and Acronyms

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