Omar is applying for a mortgage and has been told by his mortgage agent that he should get a collateral mortgage. Out of the following list of characteristics, what is the most correct about collateral mortgages?

Select one:

a$.$ It allows the borrower to borrower more money later without qualifying

b$.$ It is typically registered at a higher Itv than the property's value

c$.$ This type of mortgage uses personal property as collateral

d$.$ The borrower can refinance at any time without paying legal fees