A written document evidencing the lien on a property taken by a lender as security for the repayment of a loan The terms of the loan are contained in the note
A legal document that pledges property to a creditor for the repayment of the loan, and is the term used to describe the loan itself Some states use the term First Trust Deeds to refer to mortgage loans
The conveyance of an interest in real property given as security for the payment of a loan
A document that places a lien on property The lender holds the lien as security for the money borrowed
If you mortgage your house or land, you use it as a guarantee to a company in order to borrow money from them. They had to mortgage their home to pay the bills. In Anglo-American law, the method by which a debtor (mortgagor) conveys an interest in property to a creditor (mortgagee) as security for the payment of a money debt. The modern mortgage has its roots in medieval Europe. Originally, the mortgagor gave the mortgagee ownership of the land on the condition that the mortgagee would return it once the mortgagor's debt was paid off. Over time, it became the practice to let the mortgagor remain in possession of the land; it then became the mortgagor's right to remain in possession of the land so long as there was no default on the debt
An instrument giving legal title to secure the repayment of a loan made by the mortgagee (lender) In legal contemplation there are two types: (1) title theory - operates as a transfer of the legal title of the property to the mortgagee, and (2) lien theo
The conveyance of a lien interest in real property given as security for the payment of a loan
As in "to mortgage a property", to borrow against a property, to obtain a loan for another purpose by giving away the right of seizure to the lender over a fixed property such as a house or piece of land
(1) To hypothecate as security, real property for the payment of a debt The borrower (mortgagor) retains possession and use of the property (2) The instrument by which real estate is hypothecated as security for the repayment of a loan
A temporary and conditional pledge of property to a creditor as security for the repayment of a debt The borrower (mortgagor) retains possession and use of the property