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What Is a Personal Property? Definition, Uses and Importance.

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Anything owed by a person that can be moved such as money, securities, jewelry, etc.

Personal property is often referred to as movable property, chattels, or movables. Due to the fact that it is considered an asset, a lender may evaluate it when someone applies for a mortgage or other loan.

Certain types of property, such as household appliances, apparel, and automobiles, decline in value over time. Other types, such as artworks and antiques, may gain value over time. Lenders may consider the entire current value of a borrower’s personal property in addition to the value of their real property when determining a borrower’s creditworthiness

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