define mortgages
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mortgage mortgage (plural mortgages) (law) A special form of secured loan where the purpose of the loan must be specified to the lender, to purchase assets that must be fixed (not movable) property, such as a house or piece of farm land.
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The Difference Between Mortgagor & Mortgagee Rather, a mortgagee is an entity receiving a security interest on a home loan in the form of a mortgage from a borrower. Mortgagee In real estate, mortgagees are entities that lend money to borrowers who want to purchase real property like a home.
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What is 'Mortgage' DEFINITION of 'Mortgage'. A debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments.n the case of a foreclosure, the bank may evict the home's tenants and sell the house, using the income from the sale to clear the mortgage debt. Mortgages come in many forms. With a fixed-rate mortgage, the borrower pays the same interest rate for the life of the loan.
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Mortgage loan Mortgage loan. A mortgage loan, also referred to as simply a mortgage, is used either by purchasers of real property to raise funds to buy real estate; or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged.
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mortgagenoun  [ C] mortgage meaning, definition, what is mortgage: an agreement that allows you to borrow money from a bank or similar organization…. Learn more.
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- mort·ga·gor (môr′gĭ-jôr′, môr′gĭ-jər) also mort·gag·er (môr′gĭ-jər) n. One that mortgages property, usually the nominal owner entitled to use of the property. mortgagor (ˈmɔːɡɪdʒə; ˌmɔːɡɪˈdʒɔː) or mortgager n (Law) property law a person who borrows money by mortgaging his or her property to the lender as security. mort•ga•gor or mort•gag•er (ˈmɔr gə dʒər) n. a person who mortgages property. mortgagor a person who mortgages property or gives the property as security; the borrower in a mortgage transaction.
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Mortgages â a beginnerâs guide A mortgage is a loan taken out to buy property or land. Most run for 25 years but the term can be shorter or longer. The loan is ‘secured’ against the value of your home until it’s paid off. If you can’t keep up your repayments the lender can repossess (take back) your home and sell it so they get their money back.
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- Closed-end mortgage Definition. A mortgage in which the amount of debt is fixed and cannot be increased during the life of the loan. It is the opposite of an open-end mortgage.
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Mortgage-Backed Securities Mortgage-Backed Securities July 23, 2010 Mortgage-backed securities (MBS) are debt obligations that represent claims to the cash flows from pools of mortgage loans, most commonly on residential property.
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Mortgage Principal Definition Mortgage principal describes the size of your home loan. Your mortgage contract identifies real estate as collateral to back the principal balance. Mortgage agreements also present interest rate calculations alongside terms for principal repayment. Take care to make timely mortgage principal payments, so that you may build wealth and avoid foreclosure.
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- A charge (or mortgage) is the security a company gives for a loan. Most charges must be registered at Companies House. The registration need not be by the company itself-in most cases, registration is by the lender or the lender’s agent.
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Unorganised Sector The unorganised sector, covers most of the rural labour and a substantial part of urban labour. lt includes activities carried out by small and family enterprises, partly or wholly with family labour. In this sector wage-paid labour is largely non-unionised due to casual and seasonal nature of employment and scattered location of enterprises.
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Master Mortgage Master Mortgage. DEFINITION of 'Master Mortgage'. Documentation that is filed in the records for public land by mortgage originators as a matter of standard procedure. The master mortgage makes the lien-recording process less complicated and also aids in the sale of mortgages that trade in the secondary market.
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Insurance Mortgage clause. A clause in insurance contracts that gives first right of recovery to the mortgagor of property that is covered. FAQs:
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- Mortgage-backed security. A mortgage-backed security (MBS) is a type of asset-backed security that is secured by a mortgage or collection of mortgages. The mortgages are sold to a group of individuals (a government agency or investment bank) that securitizes, or packages, the loans together into a security that investors can buy.
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- Definition of MORTGAGE CLAUSE. : a clause endorsed on a mortgagor's insurance policy whereby the insurance company agrees to protect the mortgagee's interest regardless of any violation of the policy terms by the mortgagor.
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What is a Mortgage Default? A mortgage default is a situation in which someone is not making payments on his or her mortgage, and the loan is considered to be “in default,” meaning that the agency which holds the note can choose to take over the property. Defaulting on a mortgage can result in the loss of a piece of real estate, and it should be avoided at all costs.
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Mortgage insurance Mortgage 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, particularly in the UK.
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What is 'Mortgage' Mortgages come in many forms. With a fixed-rate mortgage, the borrower pays the same interest rate for the life of the loan. Her monthly principal and interest payment never change from the first mortgage payment to the last. Most fixed-rate mortgages have a 15- or 30-year term. If market interest rates rise, the borrower’s payment does not change.
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The Mortgage Group Â® Related Terms and Acronyms: 1  debt consolidation The replacement of multiple loans with a single loan, often with a lower monthly payment and a longer repayment period. 2  junior mortgage A loan that is subsequent to the claims of the holder of a prior (senior) mortgage. 3  loan servicing Supervising a loan after it has been made.
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mortgage Mortgage loans are usually entered into by home buyers without enough cash on hand to purchase the home. They are also used to borrow cash from a bank for other projects using their house as collateral. There are several types of mortgage loans and buyers should assess what is best for their own situation before entering into one.
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- Definition of MORTGAGE DERIVATIVE: Investor's income generating security from the principal and interest payments on the underlying mortgage pool. Mortgage derivate securities are both mortg The Law Dictionary Featuring Black's Law Dictionary Free Online Legal Dictionary 2nd Ed.
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- 1 A temporary, conditional pledge of property to a creditor as security for performance of an obligation or repayment of a debt. 2  A contract or deed specifying the terms of a mortgage.  The claim of a mortgagee upon mortgaged property.
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mortgage first mortgage - a mortgage that has priority over all mortgages and liens except those imposed by law second mortgage - a mortgage that is subordinate to a first mortgage chattel mortgage - a loan to buy some personal item; the item (or chattel) is security for the loan