Real Estate Glossary | What is Chattel Mortgage??

Q: What is Chattel Mortgage?

This is a type of loan that is used to finance the purchase of personal property, such as a car or a boat. A chattel mortgage is similar to a traditional mortgage, in that it involves the use of the property as collateral for the loan. However, unlike a traditional mortgage, a chattel mortgage is typically used to finance the purchase of movable property rather than real estate.

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