A mortgage is a debt instrument that the borrower is obliged to pay back with a predetermined set of payments.
The mortgage note, in which the borrower promises to repay the debt, sets out the terms of the transaction: the amount of the debt, the mortgage due date, the rate of interest, the amount of monthly payments, whether the lender requires monthly payments to build a tax and insurance reserve, whether the loan may be repaid with larger or more frequent payments without a prepayment penalty, and whether failing to make a payment or selling the property will entitle the lender to call the entire.
mortgage – a conditional conveyance of property as security for the repayment of a loan
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Definition of mortgage note: Note that offers a mortgage as proof of a debt and describes the terms under which the mortgage is to be repaid.
A mortgage note is a mortgage in which the person receiving the payments is an individual, or private entity, rather than a traditional bank. The note acts as a lien against the property, which serves as collateral for the payment described in the note.
Define mortgage. mortgage synonyms, mortgage pronunciation, mortgage translation, English dictionary definition of mortgage. n. 1. A loan for the purchase of real property, secured by a lien on the property.. which not only stole all they had but exacted a promissory note for the balance due.
The FHA introduced the 203(k) loan specifically to encourage low-income earners who do not qualify for a standard mortgage to choose to live in run-down neighborhoods and upgrade them. It is important.
Mortgage Note. When you get a mortgage you will sign legal documents known as a mortgage note that promise you will repay the balance of your mortgage, with interest and other possible costs over a set period of time. If you default on your mortgage payments, the lender is allowed to take back your house and sell it.
Please note, Reliant Bancorp’s earnings release and supplemental. For purposes of our GAAP financial statements, the mortgage operation’s revenue and expenses are combined with the bank and the.
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