Mortgage - Page 5 - Law Dictionary

Recognised Mortgage

Recognised Mortgage, a mortgage upon which money may be advanced under the Agricultural Credits act, 1921, s. 1 (expired); see now agricultural charge under the Agricultural Credits Acts, 1928 (18 & 19 Geo. 5, c. 43), and 1932 (22 & 23 Geo. 5, c. 35)....

mortgage note

mortgage note a legal document obligating a borrower to repay a loan at a stated interest rate during a specified period; the agreement is secured by a mortgage that is recorded in the public records along with the deed. Source: U.S. Department of Housing and Urban Development ...

mortgage qualifying ratio

mortgage qualifying ratio Used to calculate the maximum amount of funds that an individual traditionally may be able to afford. A typical mortgage qualifying ratio is 28 Source: U.S. Department of Housing and Urban Development ...

union mortgage clause

union mortgage clause : standard mortgage clause ...

mortgage modification

mortgage modification a loss mitigation option that allows a borrower to refinance and/or extend the term of the mortgage loan and thus reduce the monthly payments. Source: U.S. Department of Housing and Urban Development ...

conventional mortgage

conventional mortgage see mortgage ...

mortgage life and disability insurance

mortgage life and disability insurance term life insurance bought by borrowers to pay off a mortgage in the event of death or make monthly payments in the case of disability. The amount of coverage decreases as the principal balance declines. There are many different terms of coverage determining amounts of payments and when payments begin and end. Source: U.S. Department of Housing and Urban Development ...

balloon loan or mortgage

balloon loan or mortgage a mortgage that typically offers low rates for an initial period of time (usually 5, 7, or 10) years; after that time period elapses, the balance is due or is refinanced by the borrower. Source: U.S. Department of Housing and Urban Development ...

balloon mortgage

balloon mortgage see mortgage ...

adjustable rate mortgage

adjustable rate mortgage see mortgage ...

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