what is the difference between mortgagee and mortgagor?
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A mortgagor is a person who borrows money for the purpose of purchasing a real property while mortgagee is the entity that lends money to the borrower against the security of property.
256062
Generally speaking, PAYE is a better option for married borrowers in cases where both spouses have an income. REPAYE is typically better for single borrowers and people who don't qualify for PAYE.
1041172
['Repayment mortgage. ... ', 'Interest-only mortgage. ... ', 'Fixed rate mortgage. ... ', 'Standard variable rate (SVR) mortgage. ... ', 'Discounted rate mortgage. ... ', 'Tracker mortgage. ... ', 'Capped rate mortgage. ... ', 'Cashback mortgage.']
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There are two major differences between personal loans and mortgages. A personal loan is unsecured, whereas a mortgage uses your house as collateral — if you default on a mortgage, you could lose your home. A personal loan is also for a much smaller amount, which makes it difficult to buy a house with one.
1148532
The primary difference is how you receive the payment of your loan. A second mortgage is a lump sum, whereas the HELOC is a line of credit. While the HELOC functions like a credit card with a credit limit and minimum monthly payments, you make fixed-rate payments on your second mortgage.
938476
A normal residential mortgage, where you borrow money to buy the home you live in, is a 'first charge mortgage'. A second charge mortgage is an additional mortgage on the same property.
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['What are the different types of mortgages?', 'Fixed rate mortgages.', 'Variable rate mortgages.', 'Standard variable rate (SVR)', 'Discount mortgages.', 'Tracker mortgages.', 'Capped rate mortgages.', 'Offset mortgages.']
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Some mortgage lenders have a prepayment penalty if you sell too early. Selling your property while in mortgage is a fairly common thing. Being in mortgage simply means you still owe money to your lender and have not yet satisfied your home loan.
222708
The key difference between mortgage insurance vs. home insurance is who it protects. Homeowners insurance mainly protects the borrower while mortgage insurance protects the lender. ... Mortgage insurance protects the mortgage lender against the borrower not paying the loan.
1155327
The main difference between Mortgage Protection Insurance and Life Insurance is that Mortgage Protection insurance is designed to cover just your mortgage repayments if you die. Life insurance policies, on the other hand, are mainly to protect you and your family.
24835
The fundamental difference between the two is when you take out a lifetime mortgage you still own your own home. But with home reversion plans, you actually sell a share of your home in exchange for a lump sum of money or a lifetime of regular income.
505883
With a repayment mortgage, every month you pay back both the interest on your mortgage AND some of the loan itself. ... With an interest-only mortgage, you only pay back the interest on your loan. This means your monthly payments are much lower, but you will still need to pay off the loan at the end of the mortgage term.
945402
Mortgages are types of loans that are secured with real estate or personal property. A loan is a relationship between a lender and borrower. The lender is also called a creditor and the borrower is called a debtor. ... Mortgages are secured loans that are specifically tied to real estate property, such as land or a house.
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It's the promissory note that contains the promise to repay the amount borrowed. While a promissory note is basically an IOU that contains the promise to repay the loan, the mortgage or deed of trust is the document that pledges the property as security for the loan.
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Dear Getting a Mortgage: When you get a mortgage you will have both an amortization and a term. The amortization is the length of time it will take you to pay back the loan. ... The term is the period of time you are entering into an agreement with a lender to pay back that amortized loan.
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Mortgage implies a legal process wherein the title of real estate property passes from the owner to the lender, as a collateral for the amount borrowed. Hypothecation refers to an arrangement, wherein a person borrows money from bank by collateralizing an asset, without transferring title and possession.
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The term "first mortgage" refers to the original loan you use to buy a house. The term "second mortgage" is a general concept used to describe what banks and lenders usually call a home equity loan.