![]() ![]() MortgagesĪ mortgage is considered a secured loan because you must offer your lender the property you’re purchasing as collateral. Each type is used for a different purpose and comes with its own terms. There are a number of different types of collateral loans that you can obtain. This loan option is also beneficial for borrowers who have a low credit score, as offering collateral often makes it easier to qualify for a loan. By putting up collateral, the borrower typically receives better terms, including higher loan amounts and lower interest rates. Since secured loans involve less risk than unsecured loans, they also come with certain advantages. If you miss your payments and default on your loan, your lender will not be able to recover your outstanding balance. Since you don’t guarantee the loan with a personal asset, unsecured loans are far riskier for lenders. As a result, you must have a very strong credit history to qualify. ![]() By providing collateral, you agree to give your lender control of your asset if you fail to make your payments.Īn unsecured loan, on the other hand, is not backed by collateral. When you obtain a secured loan, you offer a personal asset as assurance that you will repay the funds in full. ContinueĪ collateral loan, also known as a secured loan, is one that is guaranteed by some kind of collateral. #Rocket loans freeYOU ARE FREE TO SHOP AROUND TO DETERMINE WHETHER YOU ARE RECEIVING THE BEST SERVICES AND/OR THE BEST RATE FOR THOSE SERVICES.īy clicking continue, I/we have read this disclosure form and understand Rocket Homes is referring me/us to the above described settlement service provider(s) and may receive a financial or other benefit as the result of the referral. THERE ARE FREQUENTLY OTHER SETTLEMENT SERVICE PROVIDERS AVAILABLE WITH SIMILAR SERVICES. WHILE WE ENCOURAGE YOU TO USE ROCKET MORTGAGE AND AMROCK, YOU ARE NOT REQUIRED TO DO SO AS A PART OF YOUR REAL ESTATE TRANSACTION WITH ROCKET HOMES. There may be additional charges depending on the loan product or title services you select. PROVIDERĪmrock Title Insurance Company and/or Amrock These charges are customary and are provided so that you may compare them to other service provider charges. BECAUSE OF THIS RELATIONSHIP, THIS REFERRAL MAY PROVIDE ROCKET HOMES AND/OR ROCK HOLDINGS, INC., WITH A FINANCIAL OR OTHER BENEFIT.įollowing is the estimated range of charges by Rocket Mortgage and Amrock for the settlement services they provide. PLEASE NOTE THAT ROCKET HOMES HAS A BUSINESS RELATIONSHIP WITH ROCKET MORTGAGE AND AMROCK IN THAT ALL COMPANIES ARE WHOLLY OWNED SUBSIDIARIES OF ROCK HOLDINGS, INC. We are pleased to recommend that you arrange financing through Rocket Mortgage ® and title work through Amrock. It may be necessary for you to obtain a mortgage or title work for the sale or purchase of your home. Rocket Homes Real Estate LLC ("Rocket Homes") ![]() AFFILIATED BUSINESS ARRANGEMENT DISCLOSURE ![]()
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