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Many mortgage lenders require borrowers to have a homeowners insurance policy with a mortgagee clause. The mortgagee clause is a provision that protects the lender from financial loss if the ...
The mortgagor is the person or entity who borrows and pays back a mortgage loan. If you're getting a mortgage to buy a home, you're the mortgagor. The mortgagee is the lender, such as a bank ...
Mortgage assumption is the conveyance of the ... loan with a due-on-sale clause. Certain mortgage types are ... to purchase the house for $300,000 and keep the same ...
A mortgage is the standard method by which individuals and businesses can purchase real estate without the need to pay the full value immediately from their own resources. See mortgage loan for residential mortgage lending, and commercial mortgage for lending against commercial property.
Loan agreements are documented via their commitment letters, agreements that reflect the understandings reached between the involved parties, a promissory note, and a collateral agreement (such as a mortgage or a personal guarantee). Standardized templates for loan agreements can assist in ensuring all critical terms and clauses are included. [4]
Principal – The specific amount of money you borrow from a mortgage lender to purchase a home. If you were to buy a $400,000 home, for instance, and take out a loan in the amount of $350,000 ...
In a mortgage (of real property) or security agreement (of personal property), an after acquired property clause provides that any additional property acquired by the borrower after the mortgage or security agreement is signed will be additional collateral for the obligation.
An acceleration clause is a section of a mortgage contract that can have big consequences: Namely, it can require you to pay off your entire mortgage at once. Even if you miss only one payment.
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