Answer to Select the best description of the mortgage note. It commits you to paying your loan It lists all costs associated with.
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Your mortgage note is also a contract pledging your property as security for the money you’re borrowing. It gives the lender the right to repossess the property if you don’t keep your end of the.
the borrower is the obligor under a note secured by a mortgage. the note is the borrowers obligation. 8) should a borrowor fail to make payments when due, the lender May demand immediate payment of the entire balance under the terms of the? A. Prepayment clause.
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(N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (O) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument.
The mortgage itself is a document that gives the lender the right to have the property sold to repay the loan if the borrower defaults. Since the mortgage in effect gives the mortgagee (the lender) an interest in the land, the mortgage is recorded at the county clerk’s office.
Yes, there is a difference between a mortgage and a promissory note. The mortgage, also known as a deed of trust, is the document that provides the security for the loan. The promissory note is the actual binding document with the promise to pay back the loan.
A note secured by a mortgage or deed of trust given by a buyer, as borrower, to a seller, as lender, as part of the purchase price of the real estate Purchase option Some leases grant the lessee the option to purchase the leased premises.
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