What does Chattel Mortgage mean?

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.

Related Terms

Government National Mortgage Association Investment Related Savings Steel Framing Non-Assumption Clause Loan (203k) Return on Investment Shared-Equity Transaction Accelerated Depreciation Lock-In Corrective Work Hectare Prepaid Interest Commercial Bank Blue Sky Laws Gross Income Building Inspector Estate Two- To Four-Family Property