Search results
Results From The WOW.Com Content Network
The mortgagor is the person or entity who borrows and pays back a mortgage loan. If you're getting a mortgage to buy a home, you're the mortgagor. The mortgagee is the lender, such as a bank ...
Like other types of loans, the mortgage terms are decided on the borrower's (mortgagor) credit and the lender's underwriting standards. Some of the factors lenders consider when determining the ...
A mortgagor is the borrower in a mortgage—he or she owes the obligation secured by the mortgage. Generally, the borrower must meet the conditions of the underlying loan or other obligation in order to redeem the mortgage. If the borrower fails to meet these conditions, the mortgagee may foreclose to recover the outstanding loan.
Mortgage lending will also take into account the (perceived) riskiness of the mortgage loan, that is, the likelihood that the funds will be repaid (usually considered a function of the creditworthiness of the borrower); that if they are not repaid, the lender will be able to foreclose on the real estate assets; and the financial, interest rate ...
Terms pertaining to American mortgages include: Main two types Origination and Re-Financing Origination: starting from the scrap, Ex, A person wants to buy a home and goes to the bank for the same will get loan of 80% of their LTV. Re-finance: defaulted borrower can apply for the same refinancing procedure to re modify the loan term, interest rate.
In the U.S., the process by which a mortgage is secured by a borrower is called origination. This involves the borrower submitting a loan application and documentation related to his/her financial history and/or credit history to the underwriter, which is typically a bank. Sometimes, a third party is involved, such as a mortgage broker.
For example, the mortgagee is the lender, while the mortgagor is the … Continue reading → The post Mortgagor vs. Mortgagee: Key Differences appeared first on SmartAsset Blog.
Here are 15 real estate terms you need to know. Real Estate Agent Professional who represents the seller (listing agent) or buyer (buyer’s agent) in a real estate transaction.