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Therefore, a mortgage is an encumbrance (limitation) on the right to the property just as an easement would be, but because most mortgages occur as a condition for new loan money, the word mortgage has become the generic term for a loan secured by such real property.
In other words, the mortgage is a security for the loan that the lender makes to the borrower. The word is a Law French term meaning "dead pledge," originally only referring to the Welsh mortgage ( see below ), but in the later Middle Ages was applied to all gages and reinterpreted by folk etymology to mean that the pledge ends (dies) either ...
Private mortgage insurance (PMI) is a form of insurance taken out by the lender but typically paid for by you, the borrower, when your loan-to-value (LTV) ratio is greater than 80 percent (meaning ...
Accordingly, the rule developed that "once a mortgage, always a mortgage", [15] meaning a mortgage cannot be turned into a conveyance of the property by the operation of terms in an agreement. It means that a lender may at most sell a property to realise its value, but may not take ownership, and the borrower must always practically be able to ...
The mortgage (or deed of trust). This is the document that serves as security for the loan. This is the document that serves as security for the loan. It conveys the property to the mortgagor ...
Servicing loans: Once the loan closes, your mortgage banker might also service your loan, meaning they manage the repayment process and assist you if you need help with repayment.
A mortgage-backed security (MBS) is a type of asset-backed security (an "instrument") which is secured by a mortgage or collection of mortgages. The mortgages are aggregated and sold to a group of individuals (a government agency or investment bank) that securitizes, or packages, the loans together into a security that investors can buy.
In consumer lending, mortgage origination, a specialized subset of loan origination, is the process by which a lender works with a borrower to complete a mortgage transaction, resulting in a mortgage loan. A mortgage loan is a loan in which property or real estate is used as collateral.