A loan that utilizes the borrowerâ€™s property as security, or collateral, to provide for repayment should they default on the terms of the loan. The mortgagor (buyer) promises to repay the principal and interest, to keep the home insured, to pay all taxes, and to keep the property in good condition.
An advance of funds from a lender, called the mortgagee, to a borrower, called the mortgagor, secured by real property and evidenced by a document called a mortgage. The mortgage sets forth the conditions of the loan, the manner and duration of repayment, and reserves to the mortgagee the right to repossess the pledged property if the mortgagor fails to repay any portion of principal and interest.
A loan which utilizes real estate as security or collateral to provide for repayment should you default on the terms of your loan. The mortgage or Deed of Trust is your agreement to pledge your home or other real estate as security.
A contract in which the borrowerâ€™s property is pledged as collateral and which can be repaid in installments over a long period. The mortgagor (buyer) promises to repay principal and interest, to keep the home insured, to pay all taxes, and to keep the property in good condition.
A loan agreement where the security is the borrower's real property. The mortgagor (borrower) agrees to repay the loan, and interest, and during the term of the mortgage (lender) to keep the home insured, to pay all taxes and to keep the property in good condition.
Return To Glossary Index A loan which uses real estate as security / collateral to provide for repayment if you default on the terms of the loan. The Mortgage or Deed of Trust is the agreement pledging the property as security.
A loan used to finance the lender beyond conventional interest payments as an incentive to grant a loan on income property. A mortgage kicker is typically an interest in equity or annual income. See also Debt, Loan.