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A mortgage loan or simply mortgage (/ ˈ m ɔːr ɡ ɪ dʒ /), in civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged.
This was the mortgage by conveyance (aka mortgage in fee) or, when written, the mortgage by charter and reconveyance [8] and took the form of a feoffment, bargain and sale, or lease and release. Since the lender did not necessarily enter into possession, had rights of action, and covenanted a right of reversion on the borrower, the mortgage was ...
A letter of explanation for a mortgage is a document that provides further details about an applicant’s creditworthiness or financial circumstances. ... A letter of explanation is simply a way ...
A mortgage statement is a document containing the latest details about your loan, including your monthly payment. The law requires your mortgage lender or servicer to send you statements for each ...
More often than not, you're dealing with terms and conditions on various mortgage types that may be. ... Mortgage Jargon in Simple Terms. Sheree R. Curry. Updated July 14, 2016 at 9:07 PM.
A fixed-rate mortgage (FRM) is a mortgage loan where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or "float". As a result, payment amounts and the duration of the loan are fixed and the person who is responsible for paying back the loan benefits from a ...
A remortgage (known as refinancing in the United States) is the process of paying off one mortgage with the proceeds from a new mortgage using the same property as security. [1] The term is mainly used commercially in the United Kingdom, though what it describes is not unique to any one country.
Mortgage loan origination is the process of your loan being established. When you formally apply for a mortgage , the lender or loan officer “originates,” or initiates the loan (or, to be more ...
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