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Questions asked by the same visitor
when lender's evaluate your sources of income and expenses? is this called capacity?
Weegy: A. Capacity which is how do you intend to pay it back (More)
Expert Answered
Asked 8/11/2012 11:19:27 AM
0 Answers/Comments
What is collateral?
Weegy: Real property consists of houses and land. [ This type of property is a good form of collateral, because, if the borrower defaults on the loan and the property is foreclosed on, it has "real" market value to the bank or landlord, who can then re-sell or re-rent it to someone else and try to recoup their losses. ] User: why is collateral required for some people and some type of loans? Weegy: Banks require collateral for certain loans to give them recourse in case a borrower doesn't repay his loan. You may have to pledge collateral with a loan because you have had credit challenges in the past. [ The fact that you have walked away from other financial obligations makes the bank think you are more likely to default in the future. Collateral and down payments are both used by banks to increase the likelihood that they will be repaid Read more: Why Is Collateral Required for Some People & for Some Types of Loans? | ] (More)
Updated 7/6/2014 3:19:56 PM
1 Answer/Comment
In lending agreements, collateral is a borrower's pledge of specific property to a lender, to secure repayment of a loan.
Added 7/6/2014 3:19:56 PM
This answer has been confirmed as correct, not copied, and helpful.
Confirmed by yumdrea [7/6/2014 3:23:55 PM]
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