Definition: The loan product offered by the bank to the borrower for the purpose of buying or renting a house, especially where the principal amount borrowed is not fully secured. Definition: Mortgage express refers to the term used by banks to describe the type of loan that can be provided by them to customers who are looking to buy a new home or rent an existing property. The term "mortgage express" typically refers to a specific type of loan that offers flexible terms and repayment options, often including early payoff penalties if the borrower fails to make payments on time. The purpose of the mortgage express is to offer borrowers the opportunity to purchase or lease a house without having to secure their initial loan with a large amount of equity or other secured financing. This makes it more financially attractive for borrowers who do not have sufficient cash to make a down payment upfront and prefer to use their own funds to buy the house. The term "mortgage express" is often used in conjunction with another type of loan that allows customers to borrow money to fund purchases, such as a car or vacation rental. The mortgage express can be compared to other types of loans such as a home equity line of credit or personal loan, which offer different benefits and features. In summary, the term "mortgage express" refers to a specific type of loan that is designed to help borrowers purchase or rent a house without having to secure their initial loan with a large amount of equity or other secured financing.
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