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House as collateralIn order to take a mortgage you are required to have or to create a house that you can give as collateral. So should not the mortgages mean that you buy a new house but also that you improve your existing house by renovating it or expand. You do not even use the money to do something with the house but can do what you want for them, but for it to be a mortgage requires that you borrow money using the house as collateral. That is when it is a housing loan. |
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