When the debt is repaid the mortgage is discharged and a satisfaction of mortgage is recorded with the register or recorder of deeds in the county where the mortgage was. The document specifying the terms and conditions of the repayment of.
A mortgage or more precisely a mortgage loan is a long term loan used to finance the purchase of real estate.
Mortgage definition. It is used commonly in loans with a loan to value ratio over 80 and employed in the event of foreclosure and repossession. Mortgage definition is a conveyance of or lien against property as for securing a loan that becomes void upon payment or performance according to stipulated terms. Mortgage insurance is an insurance policy designed to protect the mortgagee lender from any default by the mortgagor borrower.
A mortgage is a loan of money which you get from a bank or building society in order to. Mortgage synonyms mortgage pronunciation mortgage translation english dictionary definition of mortgage. Mortgage definition a conveyance of an interest in property as security for the repayment of money borrowed.
Meaning pronunciation translations and examples. As the borrower or mortgager you repay the lender or mortgagee the loan principal plus interest gradually building your equity in the property. A legal agreement that conveys the conditional right of ownership on an asset or property by its owner the mortgagor to a lender the mortgagee as security for a loan.
A loan for the purchase of real property secured by a lien on the property. How to use mortgage in a sentence. A legal document by which the owner ie the buyer transfers to the lender an interest in real estate to secure the repayment of a debt evidenced by a mortgage note.
A vendor take back mortgage is a type of mortgage in which the buyer borrows funds from the seller to help finance the purchase of the property. Definition and how it works. An agreement that allows you to borrow money from a bank or similar organization especially in.
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