The loan is "secured" on the borrower's property through a process known as mortgage origination.
This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property ("foreclosure" or "repossession") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms.
There are many options when it comes to debt pay off and consolidation loans.
For mortgage loans secured on ships, see Ship mortgage. A mortgage loan, or simply mortgage, is used either by purchasers of real property to raise funds to buy real estate, or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged.
The key to successful debt consolidation is to keep from taking on new debt.
It can take a lot of self-discipline to make it work.
Instead, as you pay off cards, keep the accounts open to free up some of your credit available.
Let your hard work pay off by leaving revolving accounts open.
Refinancing to consolidate debt is an attractive option for a variety of reasons.