Glossary Term: MORTGAGE
Definition(s) for MORTGAGE:
1. ) Debt instrument by which the borrower (mortgagor) gives the lender (mortgage) a lien a property as security for the repayment of a loan. The borrower has use of the property, and the lien is removed when the obligation is fully paid. A mortgage normally involves real estate. See also Debt.
2. ) A temporary and conditional pledge of property to a creditor as security for the repayment of a debt.
3. ) a lien on the property that secures the Promise to repay a loan
4. ) A legal document that pledges property to a lender as security for the repayment of the loan The term also is used to refer to the loan itself
5. ) The mortgage, deed of trust, or other instrument creating a first lien on an estate in fee simple or leasehold interest in real property securing a Mortgage Note.
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See Also:
ADJUSTABLE-RATE MORTGAGE (ARM), BALLOON MORTGAGE, CHATTEL MORTGAGE, COLLATERALIZED MORTGAGE OBLIGATION (CMO), CONFORMING MORTGAGE, CONVENTIONAL MORTGAGE, FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC), FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA), FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC), FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA), GRADUATED PAYMENT MORTGAGE (GPM), HOME MORTGAGE DISCLOSURE ACT (HMDA), MORTGAGE BONDS, MORTGAGE CONSTANT, MORTGAGE LOAN, MORTGAGE NOTE, MORTGAGE PASS-THROUGH
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