Business / Real Estate / Mortgage: A legal document used to secure the performance of an obligation. The term mortgage, which is derived from the French words mort meaning dead and gage meaning pledge, is appropriate in that the pledge is extinguished only after the debt is paid. In the usual real estate transaction, the buyer seeks to borrow money to pay the seller the difference between the down payment and the purchase price. When the lender (mortgagee) lends the money, the buyer/borrower (mortgagor) is required to sign a promissory note for the amount borrowed and to execute a mortgage to secure the debt. The purpose of the mortgage note is to create a personal liability for payment on the part of the mortgagor, the purpose of the mortgage is to create a lien on the mortgaged property as security for the debt.
Business / Finance / Mortgage Servicing: The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default, involved with a mortgage loan. MORE
Business / Taxes / Fixed-Rate Mortgage: A fixed-rate mortgage is a long-term loan that you use to finance a real estate purchase, typically a home. Your borrowing costs and monthly payments remain the same for the term of the loan, no matte MORE