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A mortgage consists of two documents: a note (or bond); and the mortgage itself. The note is the buyer’s personal promise to make the repayments. If there is a foreclosure against the property and the foreclosure sale does not yield enough to cover the outstanding mortgage debt, the note serves as the basis for a.
mortgage: A legal agreement that conveys the conditional right of ownership on an asset or property by its owner (the mortgagor) to a lender (the mortgagee) as security for a loan. The lender’s security interest is recorded in the register of title documents to make it.
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Mortgage legal definition of mortgage – Legal Dictionary – A legal document by which the owner (i.e., the buyer) transfers to the lender an interest in real estate to secure the repayment of a debt, evidenced by a mortgage note. When the debt is repaid, the mortgage is discharged, and a satisfaction of mortgage is recorded with the register.
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Shopping around for a home loan or mortgage will help you get the best. can mean a wider selection of loan products and terms from which you can choose. Note that offers a mortgage as proof of a debt and describes the terms under which the mortgage is to be repaid. Use mortgage note in a sentence.
mortgage note Promissory note that (as a part of a mortgage agreement) states the amount and duration of loan, the applicable rate of interest, and makes the signatory personally liable for repayment of the full loan amount according to the terms of agreement.
They research the mortgage market to identify lenders with the best interest rates and advise buyers accordingly. An academic background in mortgage banking, and strong analytical and negotiation skills are useful to get started in a career as a mortgage broker.
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