definition mortgagee
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- DEFINITION of 'Mortgagee'. An entity that lends money to a borrower for the purpose of purchasing a piece of real property. By accepting a mortgage on the real property, the lender creates security in the full repayment of the loan in the future.
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- The consideration of a mortgage ordinarily is an advancement or loan, past or present, made by a mortgagee to the mortgagor. It is usual for the mortgagor to insure the property for the benefit of the mortgagee. It is not necessary that the mortgagor have absolute, unencumbered title to the property to give a mortgage.
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Chargee Law and Legal Definition Chargee Law & Legal Definition. Chargee is a person who holds a charge over a property. To be specific, a chargee is a lender of money in a loan secured against property such as bank, credit union or trust company.A chargee is also known as a mortgagee.hargee is a person who holds a charge over a property. To be specific, a chargee is a lender of money in a loan secured against property such as bank, credit union or trust company. A chargee is also known as a mortgagee.
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- A mortgage is just a specific type of loan that is given in order to buy a property. Given the size of the loan, it is secured against your home to protect the lender giving it the right to repossess the property if you can't keep up with your monthly repayments.
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- (June 2010) In the United States, a mortgage note (also known as a real estate lien note, borrower's note) is a promissory note secured by a specified mortgage loan; it is a written promise to repay a specified sum of money plus interest at a specified rate and length of time to fulfill the promise.
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mortgage note mortgage note. Promissory note that (as a part of a mortgage agreement) states the amount and duration of loan, the applicable rate of interest, and makes the signatory personally liable for repayment of the full loan amount according to the terms of agreement.
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- A mortgage is a debt instrument that the borrower is obliged to pay back with a predetermined set of payments. A mortgage is a debt instrument that the borrower is obliged to pay back with a predetermined set of payments.
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What is MORTGAGE NOTE? What is MORTGAGE NOTE? As a part of a mortgage agreement this type of promissory note states the loan's amount and duration, the applicable interest rate, and makes the signatory personally liable for full loan repayment according to the agreement's terms. How To Write A Promissory Note.
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Mortgagee Clause It establishes that loss to mortgaged property is payable to the mortgagee named in the policy and promises advance written notice to the mortgagee of policy cancellation. It also grants continuing coverage for the benefit of the mortgagee in the event that the policy is voided by some act of the insured (e.g., arson).
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- Full Definition of MORTGAGEE. : a person to whom property is mortgaged. See mortgagee defined for English-language learners. See mortgagee defined for kids. ADVERTISEMENT.
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Definitions &Translations The form was often used by poets and composers from the 18th century onwards to produce lyrical ballads. In the later 19th century the term took on the meaning of a slow form of popular love song and is now often used for any love song, particularly the pop or rock sentimental ballad.
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- A mortgage is just a specific type of loan that is given in order to buy a property. Given the size of the loan, it is secured against your home to protect the lender giving it the right to repossess the property if you can't keep up with your monthly repayments. mortgage is just a specific type of loan that is given in order to buy a property. Given the size of the loan, it is secured against your home to protect the lender giving it the right to repossess the property if you can't keep up with your monthly repayments.
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- DEFINITION of 'Mortgagee'. An entity that lends money to a borrower for the purpose of purchasing a piece of real property.
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Mortgage Basics: A Tutorial So what is a mortgage? If you take a look at the mortgage calculator below, you'll see examples of lenders and the various types of mortgages. However, at its most basic, a mortgage is a loan used to purchase a house. This definition is simple enough to capture the essence of the issue, but it barely scratches the surface of the complex issues that underlie this topic.
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Mortgage Forms If you've been wondering what mortgages are used for, they are generally the means by which a loan creates a lien on real property. Many use the term mortgage to refer to both the loan note and mortgage. The mortgage note may be a separate loan document from the mortgage document itself. Mortgage forms can also contain the note and mortgage in the same form. The mortgage form does not create the loan, it creates the security interest in real property in case the loan isn't repaid. The mortgage agrees to use the property title as security for the loan.
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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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Construction Mortgage DEFINITION of 'Construction Mortgage'. A loan borrowed to finance the construction of a home and typically only interest is paid during the construction period. Once the construction is over, the loan amount becomes due and it becomes a normal mortgage. The money is advanced incrementally during construction, as construction progresses. Next Up.
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Glossary of Insurance Terms Mortgage Insurance Policy-In life and health insurance, a policy covering a mortgagor with benefits intended to pay off the balance due on a mortgage upon the insured's death, or to meet the payments due on a mortgage in case of the insured's death or disability.
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mortgage In relation to land in England and Wales, a legal mortgage of freehold land is effected by means of a demise subject to a proviso for cesser on redemption; in relation to leaseholds, the mortgage as effected by a sub-demise.
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What is your Lenderâs Mortgagee Clause? No lender will give you money unless you buy an insurance policy to pay for the loss in case the property gets damaged. A hazard insurance or homeowners insurance can offer adequate coverage to your lender a.k.a. mortgagee. Thus, a mortgagee clause is nothing but a separate contract between the insurer and the lender. As a borrower, you only need to tell the name of your lender when you buy an insurance policy. The insurer will contact your lender for the correct name and address of the financial institution that holds a lien on your property. The legal description of the entity that has financial interest in the property that you have bought with its money is what is referred to as a mortgagee clause in insurance papers. Is a Mortgagee Clause the same as a Loss Payee Clause (or Loss Payable Clause)? Technically, the two are not the same, but they are often used interchangeably. In real estate transaction, the term “mortgagee clause” has become almost a standard as it ensures complete protection for the lender in case of a loss. Take an example of a property damage done by the owner, also known as arson.
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mortgage 12. Mortgage is conventional, legal or judicial. 1st. The conventional mortgage is a contract by which a person binds the whole of his property, or a portion of it only, in favor of another, to secure the execution of some engagement, but without divesting himself of the possession. Civ.
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Divorce and Mortgage Questions A mortgage is an agreement between you and the bank. The only way to get your name off the mortgage is to sell the property, have the mortgage refinanced, or have him assume the loan. You could sell to your spouse, but he would then need to get a brand new mortgage-or pay off the mortgage.
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- value of the property. A “mortgagor” is a person who mortgages his property to another and, for. the purposes of this discussion, is typically the named insured. A “mortgagee” is the person to. whom the mortgage is made, typically a bank or financial institution. A “lien holder” is a person. or institution holding a mortgage or having a legal claim in the specific property, or another. person holding a security interest. II.
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HOME FINANCING GLOSSARY Mortgage Note. A mortgage note is a legal document that obligates a borrower to repay a loan at a stated interest rate during a specified period of time. The agreement is secured by a mortgage, a deed of trust or another security instrument that gives your lender a stake in the property.
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Mortgagee Clause It also grants continuing coverage for the benefit of the mortgagee in the event that the policy is voided by some act of the insured (e.g., arson). In this situation, the clause specifies the obligations of the mortgagee in continuing coverage.
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Fannie Mae Fannie Mae. The Federal National Mortgage Association, normally known as Fannie Mae, is a government sponsored enterprise (GSE) that purchases a large number of residential mortgages in the U.S. The mortgages are bought from banks and other lending institutions in order for them to supply more home loans for the public.