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United States
A mortgage is commonly understood to be a loan secured by real estate.
The more formal definition in a title theory state is as follows:
- A mortgage is an instrument used to convey title to real estate that is given as security for payment of a debt or the performance of a duty. (A mortgage is the instrument the borrower signs to pledge their real property and make it subject to the loan.)
The conveyance of title, although conditional, is the operational factor. The lender holds the legal title but the borrower has possession as long as they meet the terms of the loan. The mortgagor has the legal right to have the mortgage released upon the payment of the debt or fulfillment of the performance according to the stipulated terms. The mortgage must be recorded in the land records and constitutes an encumbrance on the title until the loan is paid and the mortgage is discharged by the mortgagee of record.
Contrast the operation of a mortgage in a lien theory state. The more formal definition is as follows:
- A lien against property that is granted to secure a debt or obligation that is extinguished upon the payment or performance according to the stipulated terms. (Title remains with the mortgagor.)
Some states use elements of both and some states use the deed of trust system which is not addressed here.
Wiki User
∙ 11y ago
Wiki User
∙ 10y agoA mortgage is a loan/debt you would pay on when buying a house. It literally means "death pledge", due to the long length of the loan (in comparison to other types of loans)
For example, if you borrowed $250,000 to buy a house, with an interest rate of 3%. The estimated mortgage payment would be 1,054.01 per month, for 360 months.
Wiki User
∙ 10y agoA legal agreement that conveys the conditional right of ownership on an asset or Mortgage is a 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 public information, and is voided when the loan is repaid in full. Virtually any legally owned property can be mortgaged, although real property (land and buildings) are the most common. When personal property (appliances, cars, jewelry, etc.) is mortgaged, it is called a chattel mortgage. In case of equipment, real property, and vehicles, the right of possession and use of the mortgaged item normally remains with the mortgagor but (unless specifically prohibited in the mortgage ... Refer to link below
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How long is the typical repayment period for a mortgage?
The mortgage term is the length of time you commit to the mortgage rate, lender, and associated mortgage terms and conditions. The term you choose will have a direct effect on your mortgage rate, with short terms historically proven to be lower than long-term mortgage rates. The term acts like a 'reset' button on a mortgage. When the term is up, you must renew your mortgage on the remaining principle, at a new rate available at the end of the term.
What does the term freedom mortgage mean?
Freedom Mortgage is not a just a term, but is actually a mortgage company. Freedom Mortgage Corporation is a private full-service mortgage lender that is licensed in all 50 states.
What is the meaning of a five year ARM?
ARM stands for Adjustable Rate Mortgage. A 5 year ARM would mean that the mortgage would have an adjustable interest rate for the duration of the term of the loan.
Is a balloon mortgage the same as a mortgage?
No. A balloon mortgage is a relatively short term mortgage with a huge payment due at the end of the term. A mortgage is generally for a longer term with uniform payments for the life of the mortgage unless it is an adjustable rate mortgage. In that case the interest rate increases after the first couple of years and the payments go up.
What is the definition of mortgage decreasing term asurance?
Mortgage decreasing term assurance is a type of mortgage life policy. The size of the policy decreases as the outstanding balance of the mortgage reaches zero.
What is the term mortgage offset mean?
The term mortgage offset mean a flexible type of mortgage that allows one to reduce their rates and balance on loans and mortgage debts. This type of mortgage is uses more commonly in England.
What does the term bad debt mortgage mean?
The term 'bad debt mortgage' implies that the borrower has applied for a mortgage and been accepted. However, the borrower has then defaulted on his mortgage payments and it is considered that they are unlikely to be able to repay the loan.
What is the symbol for Nuveen Mortgage Opportunity Term Fund in the NYSE?
The symbol for Nuveen Mortgage Opportunity Term Fund in the NYSE is: JLS.
What is the meaning of mortgage foreclosure?
Mortgage foreclosure is a process by which a person, who has a mortgage on land, legally sells that same land. A mortgage can be defined as a property loan.
What is meant by the term equitable mortgage?
The term equitable mortgage means that two parties have made an agreement (whether verbal or written) that the loaner will lend money to the owner of a mortgage using the mortgage as collateral and in the event that the borrower does not return the money he loaned the mortgage is then in the possession of the lender.
Can you get a mortgage policy for a period of years in case of death rather then pay off the entire mortgage?
A lot of people just get a term policy (usually the # of years of your mortgage) like 20 or 30 year term and the face amount equal to the balance so if they die their beneficiary can pay it off. Term life is cheaper than mortgage life...don't know why it just is. If you have a standard term they can do what ever they want with the money or you can show your mortgage company as beneficiary But you mortgage balance will decrease over the years but your term policy won't.
In what year did Nuveen Mortgage Opportunity Term Fund - JLS - have its IPO?
Nuveen Mortgage Opportunity Term Fund (JLS)had its IPO in 2009.
