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The Enterprise and Economic Development Glossary
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a resource of the .network library
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mortgage:

... an interest in real property created by a lender's agreement to accept security and a certain performance by the borrower under the terms of a note. The agreement produces a mortgage loan which finances the purchase of real estate by granting a security interest to the lender, typically requiring the borrower to adhere to a payment schedule for repayment of principal with interest.

A mortgage document is a type of deed that provides a lien as collateral on the property. In situations where legal title remains with the borrower, the lender's interest goes to the extent of the amount of the note. A security deed transfers legal title to the lender for the term of the note.

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related: note; principal; interest; deed; lien; collateral; balloon mortgage
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FYI: definition of mortgage definition of mortgage loan definition of mortgage document definition of deed definition of security deed definition of security interest definition of payment schedule definition of schedule of payments definition of principal definition of interest definition of lien definition of collateral definition of balloon mortgage what is a mortgage what is a mortgage loan what is a mortgage document what is a deed what is a security deed what is security interest what is a payment schedule what is a schedule of payments what is principal what is interest what is a lien what is collateral

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Economic Development Services, Inc. / copyrights and all rights reserved / 01/13/2011