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The mortgagee clause is a provision that protects the lender from financial loss if the mortgaged property is substantially damaged or destroyed.
The mortgagee is the lender, such as a bank, credit union or online lender. This is the entity providing the funds via a mortgage to buy a home. The mortgagee determines if the mortgagor qualifies ...
You will want to make sure the correct mortgagee clause is listed on your homeowners insurance policy so that your property insurer knows where to send your homeowners insurance premium bill ...
A mortgage is a legal instrument of the common law which is used to create a security interest in real property ... Many mortgages contain a power of sale clause, ...
Mortgage insurance is an insurance policy designed to protect the mortgagee (lender) from any default by the mortgagor (borrower). It is used commonly in loans with a loan-to-value ratio over 80%, and employed in the event of foreclosure and repossession .
All mortgages are potentially assumable, though lenders may attempt to prevent the assumption of a mortgage loan with a due-on-sale clause. Certain mortgage types are irrefutably assumable, such as those insured by the FHA, guaranteed by the VA, or guaranteed by the USDA. As of 2014, FHA and VA assumable mortgages make up approximately 18%, or ...
Mortgage insurance is a separate insurance policy in addition to your homeowners insurance and depending on the down payment made to purchase your home, your lender may require it.
Historically, a mortgagor (the borrower) and a mortgagee (the lender) executed a conveyance of legal title to the property in favour of the mortgagee as security for the loan. If the loan was repaid, then the mortgagee would return the property; if the loan was not repaid, then the mortgagee would keep the property in satisfaction of the debt.