What term, as defined under Minnesota law, refers to a loan secured by a dwelling for personal use?

The term that refers to a loan secured by a dwelling for personal use, as defined under Minnesota law, is a residential mortgage loan. This type of loan is specifically designed for individuals who obtain financing to purchase or refinance their primary residence or a secondary home used for personal enjoyment.

In contrast, a commercial mortgage loan is used for financing commercial properties, while an investment property loan is geared towards properties purchased for investment purposes rather than personal use. A home equity loan, although it is related to personal use, typically refers to a specific type of loan that allows homeowners to borrow against the equity in their home rather than being a broader term for all loans associated with personal dwellings. Thus, the choice of residential mortgage loan accurately encapsulates the primary definition relevant to personal financing of a dwelling in Minnesota.