Mortgage definition, a conveyance of an interest in real property as security for the repayment of money borrowed to buy the property; a lien or claim on property such that the lender can take possession if the loan is not repaid. See more. mortgage definition: 1. an agreement that allows you to borrow money from a bank or similar organization, especially in…. Learn more.
Mortgage Holder Definition. A mortgage holder is a person or company that has a right to enforce a mortgage loan agreement. The mortgage loan consists of a promissory note and a security interest.
Mortgage name definition. MORTGAGE, contracts, conveyancing. Mortgages are of several kinds: as the concern the kind of property, mortgaged, they are mortgages of lands, tenements, and, hereditaments, or of goods and chattels; as they affect the title of the thing mortgaged, they are legal and equitable. Definition of a Mortgage Deed. A mortgage deed is a legal document that gives a mortgage lender a lien or security interest in a piece of mortgaged property. For example, if you take out a. A simple definition of a mortgage is a type of loan you can use to buy or refinance a home. Mortgages are also referred to as “mortgage loans.” Mortgages are a way to buy a home without having all the cash upfront. Who Gets A Mortgage? Most people who buy a home do so with a mortgage. A mortgage is a necessity if you can’t pay the full.
Mortgagee: A mortgagee is an entity that lends money to a borrower for the purpose of purchasing a piece of real property . By accepting a mortgage on the real property, the lender creates. The PHH Corporation is an American financial services corporation headquartered in Mount Laurel, New Jersey which provides mortgage services to some of the world's largest financial services firms. PHH is the biggest U.S. outsourcer of home loans, processes and originates mortgages on behalf of small banks and some of the world's largest. Define mortgagee. mortgagee synonyms, mortgagee pronunciation, mortgagee translation, English dictionary definition of mortgagee. n. One, usually a lender or a bank, that holds a mortgage.
Mortgagor definition, a person who mortgages property. See more. 3-2-1 Buy-Down Mortgage Definition. A 3-2-1 buy-down mortgage allows the borrower to lower the interest rate over the first three years through an up-front payment. more. Prepaid Interest. Verb . mortgage (third-person singular simple present mortgages, present participle mortgaging, simple past and past participle mortgaged) (transitive, law) To borrow against a property, to obtain a loan for another purpose by giving away the right of seizure to the lender over a fixed property such as a house or piece of land; to pledge a property in order to get a loan.
mortgage finance definition: money that is lent by banks or other financial organizations in the form of mortgages: . Learn more. Mortgage Insurance (also known as mortgage guarantee and home-loan insurance) is an insurance policy which compensates lenders or investors for losses due to the default of a mortgage loan. Mortgage insurance can be either public or private depending upon the insurer. The policy is also known as a mortgage indemnity guarantee (MIG. A mortgage that is insured by the Federal Housing Administration (FHA). Also known as a government loan. FHA mortgage insurance protects the lender (not the borrower) if a borrower defaults on the FHA loan. This insurance enables a lender to provide loan options and benefits often not available through conventional financing. FICO ® [skip to.
15-Year Fixed Mortgage – a fixed-rate home loan that has half the typical term of 30 years.. 203k Loan – an FHA loan that allows you to finance home improvements and permanent financing in a single mortgage loan.. 3/1 ARM – An ARM that is fixed for the first three years (36 months) of the loan term before becoming annually adjustable.. 5/1 ARM – An ARM that doesn’t have its first. Mortgage Trust Definition. Mortgage trusts are legal constructs are used for many purposes. The two primary uses associated with mortgage are as a form of investment and a form of loan security. The investment form of a mortgage trust helps investors not directly associated with the loan make money, while the security. Definition of mortgage portfolio: Pool of all mortgage loans held by a lender or investor. Dictionary Term of the Day Articles Subjects BusinessDictionary
Mortgagee definition is – a person to whom property is mortgaged. Recent Examples on the Web Warren's plan also includes a suite of bankruptcy protections and pro-borrower policies, including allowing people to modify their mortgagees in bankruptcy. — Zak Hudak, CBS News, "Elizabeth Warren reignites feud with Joe Biden over personal bankruptcy policy," 7 Jan. 2020 Another word for mortgage. Find more ways to say mortgage, along with related words, antonyms and example phrases at Thesaurus.com, the world's most trusted free thesaurus. Define mortgagor. mortgagor synonyms, mortgagor pronunciation, mortgagor translation, English dictionary definition of mortgagor. also mort·gag·er n. One that mortgages property, usually the nominal owner entitled to use of the property.
Foreclose on your property: A mortgage modification is a less palatable alternative to a foreclosure, which occurs when a bank repossesses a home, evicts the homeowner, and sells the home of a borrower who cannot repay their loan. Facilitate a short sale: This refers to the sale of a home for less than what the homeowner owes on their mortgage. It still results in the homeowner losing their home. Mortgage Referrals. Advice on where to go to get a mortgage. A borrower can always select a loan provider by throwing a dart at the Yellow Pages. Areferral is of value if it raises the probability of a good outcome above that from throwing the dart. mortgage (n.) late 14c., from Old French morgage, literally "dead pledge," from mort "dead" + gage "pledge." So called because the deal dies when the debt is paid or when payment fails. late 14c., morgage, "a conveyance of property on condition as security for a loan or agreement," from Old French morgage (13c.), mort gaige, literally "dead pledge" (replaced in modern French by hypothèque.
Mortgage definition is – a conveyance of or lien against property (as for securing a loan) that becomes void upon payment or performance according to stipulated terms. How to use mortgage in a sentence.