Mortgage

A debt instrumentA collective term encompassing obligating documents for a loan, including any applicable promissory used in a real estateThe physical parcel of land and all improvements permanently attached. An identified parcel or tract transactionThe entry or liquidation of a trade. where the propertyThe rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself. is the collateralSomething pledged as security for a debt. for the loanTransfers for which the recipient incurs a legal debt and repayment is required over time, with or without. A mortgage gives the lenderThe entity that provides loan funds to the borrower. Depending on the type of loan, the lender may be a right to take possession of the property if the borrowerPerson responsible for repaying a loan who has signed and agreed to the terms in the promissory note. fails to pay off the loan.

Mortgage

A deedWritten instrument which when properly executed and delivered conveys title to real property from one, usually to real estateThe physical parcel of land and all improvements permanently attached. An identified parcel or tract, given to secure the repaymentA loan is borrowed money that must be repaid. You have a choice of repayment plans if you received a of a loanTransfers for which the recipient incurs a legal debt and repayment is required over time, with or without made by the mortgageeThe lender. (lenderThe entity that provides loan funds to the borrower. Depending on the type of loan, the lender may be).

Mortgage

A documentAny written instrument meeting all statutory requirements which may be recorded with the Register of Deeds. signed by a borrowerPerson responsible for repaying a loan who has signed and agreed to the terms in the promissory note. when a homeHOME: Provides funds to local governments and states for new construction, rehabilitation, acquisition loanTransfers for which the recipient incurs a legal debt and repayment is required over time, with or without is made that gives the lenderThe entity that provides loan funds to the borrower. Depending on the type of loan, the lender may be a right to take possession of the propertyThe rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself. if the borrower fails to pay off the loan.

Mortgage

A formThis is an insurance policy, or the riders and endorsements attached to it. of security instrumentThe written instrument that legally records the Agency's security interest in the property. or consensual lienWhen a borrower fails to satisfy a debt, the lender may claim ownership of tangible property the borrower on real propertyThe type of property ascribed to real estate investments, such as houses, land, buildings, retail stores, malls, etc. including a real estateThe physical parcel of land and all improvements permanently attached. An identified parcel or tract mortgage or deed of trustThe document used in some states instead of a mortgage; title is conveyed to a trustee. In some states,.

Mortgage

A legal documentAny written instrument meeting all statutory requirements which may be recorded with the Register of Deeds. providing a specific propertyThe rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself. as securityThe property that will be pledged as collateral for a loan. for a loanTransfers for which the recipient incurs a legal debt and repayment is required over time, with or without under certain termsThe specific conditions of a loan, including the requirements governing receipt and repayment of a loan. and conditionsProvisions of an insurance policy that state the rights and duties of the insured or the insurance company..

Mortgage

A legal documentAny written instrument meeting all statutory requirements which may be recorded with the Register of Deeds. that pledges a propertyThe rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself. to the lenderThe entity that provides loan funds to the borrower. Depending on the type of loan, the lender may be as securityThe property that will be pledged as collateral for a loan. for paymentPeriodic (usually monthly) installments paid to a lender to be applied toward repaying your loan. Payments of a debtThat which is due from one person or another; obligation, liability.. Simply putAn option contract that gives the holder the right but not the obligation to sell a specified quantity, the mortgage is the legal document that gives the lender a legal claimNotice to an insurer that under the terms of a policy, a loss maybe covered. against your house should you defaultThe inability to make timely monthly mortgage payments or otherwise comply with mortgage terms. A loan on your loanTransfers for which the recipient incurs a legal debt and repayment is required over time, with or without payments. The mortgage indicates that a specific amount of money will be loaned at a specific interest rateThe simple interest rate, stated as a percentage, charged by a lender on the principal amount of borrowed so that you can buy your homeHOME: Provides funds to local governments and states for new construction, rehabilitation, acquisition. Another way of thinking of the mortgage is that you have possession of the property but the lender has ownershipThe right of one or more persons to possess and use property to the exclusion of all others. A collection until you have repaid your loan. The items stated in the mortgage include the homeowner's responsibility to: ^pay principalThis term is used to mean the employer of an agent; or the amount of money borrowed, or the amount of^pay interestThis is the amount that is imposed when payment is remitted after the due date.^pay taxes,^pay insuranceSee "property insurance;" "private mortgage insurance;" "insured mortgage;" "title insurance." on time,^pay to maintain hazard insuranceSame or similar to "property insurance." See also "property insurance." on the property, and^adequately maintain the property.The mortgage also includes the basic information found in the noteThe binding legal document you sign when you get a loan. It lists the conditions under which you're. Should you consistently fail to meet these requirements, your lender can seek full repaymentA loan is borrowed money that must be repaid. You have a choice of repayment plans if you received a of the balanceThe amount in an account or the remaining amount due on a loan. of the loan, forecloseThe process of the lender taking a property when the borrower has defaulted on the loan. The lender on the property, or sell the property and use the proceeds to pay off the loan balanceThe amount owed, including principal and interest. and foreclosureThe legal process used to force the payment of debt secured by collateral whereby the property is sold costs.A deed of trustThe document used in some states instead of a mortgage; title is conveyed to a trustee. In some states, is used instead of a mortgage in some states.

mortgage

A legal instrumentAny writing having legal form and significance, such as a deed, mortgage, will, lease, etc. in which propertyThe rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself. serves as securityThe property that will be pledged as collateral for a loan. for the repaymentA loan is borrowed money that must be repaid. You have a choice of repayment plans if you received a of a loanTransfers for which the recipient incurs a legal debt and repayment is required over time, with or without. In some states, a deed of trustThe document used in some states instead of a mortgage; title is conveyed to a trustee. In some states, is used rather than a mortgage.

Mortgage

A legal instrumentAny writing having legal form and significance, such as a deed, mortgage, will, lease, etc. pledging a described propertyThe rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself. for repaymentA loan is borrowed money that must be repaid. You have a choice of repayment plans if you received a of a loanTransfers for which the recipient incurs a legal debt and repayment is required over time, with or without under certain termsThe specific conditions of a loan, including the requirements governing receipt and repayment of a loan..

Mortgage

A lienWhen a borrower fails to satisfy a debt, the lender may claim ownership of tangible property the borrower on real propertyThe type of property ascribed to real estate investments, such as houses, land, buildings, retail stores, malls, etc. to secure the performance of some obligationLegal reservation of funds based on known requirements (a contract, for example), or an a realistic estimate of costs., and to be discharged upon paymentPeriodic (usually monthly) installments paid to a lender to be applied toward repaying your loan. Payments or performance as stipulated

Mortgage

A lienWhen a borrower fails to satisfy a debt, the lender may claim ownership of tangible property the borrower on the propertyThe rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself. that secures the Promise to repay a loanTransfers for which the recipient incurs a legal debt and repayment is required over time, with or without. A security agreementAn agreement between the secured party and the debtor which creates the security interest. (Uniform Commercial Code.) between the lenderThe entity that provides loan funds to the borrower. Depending on the type of loan, the lender may be and the buyerA market participant who takes a long futures position or buys an option. An option buyer is also called in which the property is collateralSomething pledged as security for a debt. for the loan. The mortgage gives the lender the right to collect paymentPeriodic (usually monthly) installments paid to a lender to be applied toward repaying your loan. Payments on the loan and to forecloseThe process of the lender taking a property when the borrower has defaulted on the loan. The lender if the loan obligations are not met.

Mortgage

A loanTransfers for which the recipient incurs a legal debt and repayment is required over time, with or without secured by a lienWhen a borrower fails to satisfy a debt, the lender may claim ownership of tangible property the borrower on your homeHOME: Provides funds to local governments and states for new construction, rehabilitation, acquisition. In some states the termThe time period by the end of which a debt must be fully repaid. Also refers to the maturity period mortgage is also used to describe the documentAny written instrument meeting all statutory requirements which may be recorded with the Register of Deeds. you sign to show that you have granted the lenderThe entity that provides loan funds to the borrower. Depending on the type of loan, the lender may be a lien on your home; other states use a deed of trustThe document used in some states instead of a mortgage; title is conveyed to a trustee. In some states, document instead of a mortgage. It may also be used to indicate the amount of money you borrow, with interestThis is the amount that is imposed when payment is remitted after the due date., to purchase your house. The amount of your mortgage is usually the purchase priceThe amount the borrower paid to purchase a home. of the home minus your down paymentThe portion of the sales contract or mortgage paid to the seller by the purchaser at the time of closing.

Mortgage

A loanTransfers for which the recipient incurs a legal debt and repayment is required over time, with or without using your homeHOME: Provides funds to local governments and states for new construction, rehabilitation, acquisition as collateralSomething pledged as security for a debt.. In some states the termThe time period by the end of which a debt must be fully repaid. Also refers to the maturity period mortgage is also used to describe the documentAny written instrument meeting all statutory requirements which may be recorded with the Register of Deeds. you sign [to grantCash transfers for which the recipient incurs no legal debt. the lenderThe entity that provides loan funds to the borrower. Depending on the type of loan, the lender may be a lienWhen a borrower fails to satisfy a debt, the lender may claim ownership of tangible property the borrower on your home]. It may also be used to indicate the amount of money you borrow, with interestThis is the amount that is imposed when payment is remitted after the due date., to purchase your house. The amount of your mortgage is usually the purchase priceThe amount the borrower paid to purchase a home. of the home minus your down paymentThe portion of the sales contract or mortgage paid to the seller by the purchaser at the time of closing.

Mortgage

A pledgeThe depositing of personal property by a debtor with a creditor as security for a debt or engagement. of real estateThe physical parcel of land and all improvements permanently attached. An identified parcel or tract as securityThe property that will be pledged as collateral for a loan. for the paymentPeriodic (usually monthly) installments paid to a lender to be applied toward repaying your loan. Payments of a debtThat which is due from one person or another; obligation, liability..

Mortgage

A security instrumentThe written instrument that legally records the Agency's security interest in the property. given by a borrowerPerson responsible for repaying a loan who has signed and agreed to the terms in the promissory note. to secure performance of paymentPeriodic (usually monthly) installments paid to a lender to be applied toward repaying your loan. Payments under a noteThe binding legal document you sign when you get a loan. It lists the conditions under which you're. The documentAny written instrument meeting all statutory requirements which may be recorded with the Register of Deeds. is recorded in countyThe largest division of local government in all states except Louisiana and Alaska, where the comparable landThe material of the earth, whatever may be the ingredients of which it is composed, whether soil, rock, records, creating a lienWhen a borrower fails to satisfy a debt, the lender may claim ownership of tangible property the borrower (encumbranceAnything which affects or limits the fee simple title to or value of property, e.g., mortgages or easements.) on the propertyThe rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself.. Also known as a "deed of trustThe document used in some states instead of a mortgage; title is conveyed to a trustee. In some states," in some state. The borrower is also calledAnother term for exercised when an option is a call. In the case of an option on a physical, the writer a "mortgagorThe owner of real estate who pledges property as security for the repayment of a debt; the borrower.."

Mortgage

A temporary and conditional pledgeThe depositing of personal property by a debtor with a creditor as security for a debt or engagement. of propertyThe rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself. to a creditorThe lending institution providing a loan or credit. as securityThe property that will be pledged as collateral for a loan. for the repaymentA loan is borrowed money that must be repaid. You have a choice of repayment plans if you received a of a debtThat which is due from one person or another; obligation, liability..

Mortgage

A transferChange of jurisdiction over real property from one Federal agency or department to another, including of rights to a piece of propertyThe rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself. (such as a house) usually in returnProfit from an investment; the yield. for a loanTransfers for which the recipient incurs a legal debt and repayment is required over time, with or without. A mortgage is canceled when the loan is fully paidThis is the amount of tax posted as paid for the year in question, either in installment payments or back.

Mortgage

An instrumentAny writing having legal form and significance, such as a deed, mortgage, will, lease, etc. recognized by law by which propertyThe rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself. is hypothecated to secure the paymentPeriodic (usually monthly) installments paid to a lender to be applied toward repaying your loan. Payments of a debtThat which is due from one person or another; obligation, liability. or obligationLegal reservation of funds based on known requirements (a contract, for example), or an a realistic estimate of costs.; a procedure for foreclosureThe legal process used to force the payment of debt secured by collateral whereby the property is sold in event of defaultThe inability to make timely monthly mortgage payments or otherwise comply with mortgage terms. A loan is established by statute.

Mortgage

Document signed by a borrowerPerson responsible for repaying a loan who has signed and agreed to the terms in the promissory note. when a homeHOME: Provides funds to local governments and states for new construction, rehabilitation, acquisition loanTransfers for which the recipient incurs a legal debt and repayment is required over time, with or without is made that gives the lenderThe entity that provides loan funds to the borrower. Depending on the type of loan, the lender may be a right to take possession of the propertyThe rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself. (a security interestThe creditor's right to take property or a portion of property offered as security.) if the borrower fails to pay off on the loan.

Mortgage

Includes all forms of debtThat which is due from one person or another; obligation, liability. for which real propertyThe type of property ascribed to real estate investments, such as houses, land, buildings, retail stores, malls, etc., that is, landThe material of the earth, whatever may be the ingredients of which it is composed, whether soil, rock, and/or buildings, is given as securityThe property that will be pledged as collateral for a loan.. Such security may be in one or more of the following: First mortgageThe original mortgage loan taken out on a home or other real estate. A mortgage having priorityThe Bankruptcy Code's statutory ranking of unsecured claims that determines the order in which unsecured over all other voluntary liens against the propertyThe rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself.. A first mortgage gives the lenderThe entity that provides loan funds to the borrower. Depending on the type of loan, the lender may be a first claimNotice to an insurer that under the terms of a policy, a loss maybe covered. against the ownerThe full name of the primary owner of the property parcel.(e.g. John P. Doe).'s rights in the property if the owner fails to meet the required payments on the mortgage. Second mortgageSimilar to a "mortgage." See "second mortgage" under "mortgage." A junior mortgageAny mortgage on a property that is subordinate to a senior mortgage in priority. that ranks after a first mortgage in priority. Properties may have two, three, or more mortgages, deeds of trustA trust exists when one person holds property for the benefit of another., or land contracts, as liens at the same time. Legal priority would determine whether they are calledAnother term for exercised when an option is a call. In the case of an option on a physical, the writer a first, second, third, etc. lienWhen a borrower fails to satisfy a debt, the lender may claim ownership of tangible property the borrower. Deed of trustThe document used in some states instead of a mortgage; title is conveyed to a trustee. In some states, An instrumentAny writing having legal form and significance, such as a deed, mortgage, will, lease, etc. used in many states in place of a mortgage. The difference between a mortgage and a deedWritten instrument which when properly executed and delivered conveys title to real property from one of trust is that a deed of trust involves a third partyThe claimant under a Liability Policy. So called because the person making the claim is not one of the, known as the trusteeAn individual or institution that holds the legal title to an asset and administers it for the benefit, who has technical titleTitle is the evidence of ownership. In essence, title is more important than ownership because having to the property. Trust deeds, trusts, mortgage bondsLoans that investors make to corporations or governments. It is a type of investment where the issuer, and vendorThe seller.'s liens are similar termsThe specific conditions of a loan, including the requirements governing receipt and repayment of a loan. used in various parts of the country. Contract to purchaseSame or similar to "mortgage." See "contract to purchase" under "mortgage." An arrangement for the sale of real estateThe physical parcel of land and all improvements permanently attached. An identified parcel or tract whereby the buyerA market participant who takes a long futures position or buys an option. An option buyer is also called may use, occupy, and enjoy land, but no deed is given by the sellerA person who makes a transfer of title to real estate. (and no title passes) until all or a specified part of the sale priceThe total amount paid to the seller at time of sale. has been paidThis is the amount of tax posted as paid for the year in question, either in installment payments or. A purchaser who is buying the property by means of a contractThe formal legal document, also known as the "policy" that describes the agreement between the policyholder to purchase may not consider himself/herself to be the owner since the seller actually has the title. However, for this surveyThe process by which boundaries are measured and land areas are determined; usually performed by a land surveyor., the purchaser is considered to be the owner. Contract for deedSee "installment land contract", land contractSame or similar to "contract to purchase." See also "contract to purchase" under "mortgage.", purchase agreementSame or similar to "contract to purchase." See also "contract to purchase" under "mortgage.", agreement of saleSame or similar to "contract to purchase." See "contract to purchase" under "mortgage.", and assumption agreementAn undertaking or adoption of a debt or obligation primarily resting upon another person. are similar terms used frequently in some areas of the country. Home equity line of creditSee "home equity line of credit" under "mortgage." Allows the property owner to borrow against the equityThe value of a property beyond any liens against it. Also referred to as owner's interest. in the homeHOME: Provides funds to local governments and states for new construction, rehabilitation, acquisition from time to time without reapplying for a loanTransfers for which the recipient incurs a legal debt and repayment is required over time, with or without.