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Upon making a mortgage loan for the purchase of a property, lenders usually require that the borrower make a down payment (called a deposit in English law); that is, contribute a portion of the cost of the property. This down payment may be expressed as a portion of the value of the property (see below for a definition of this term).
A mortgage servicer is the company that handles your mortgage statements and all day-to-day tasks related to managing your loan after it closes. For example, the servicer collects your payments ...
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 ...
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 ...
A blanket mortgage can be refinanced just like any other mortgage. It also allows the borrower to sell one property from the group but retain the loan for the others.
A second mortgage works a lot like a first mortgage — in the opening stages, anyway. To obtain a second mortgage, you typically need to do the same things you did to qualify for a primary mortgage.
The recipient, or borrower, incurs a debt and is usually required to pay interest for the use of the money. The document evidencing the debt (e.g., a promissory note ) will normally specify, among other things, the principal amount of money borrowed, the interest rate the lender is charging, and the date of repayment.
“These types of loans tend to use a due-on-sale clause, which requires a loan to be repaid in full or conveyance of the full interest in a property to allow the mortgage transfer,” says Segura ...