Mortgage Terms
0.0(0)
Studied by 0 people
Learn
Practice Test
Spaced Repetition
Match
FlashcardsCard Sorting
1/6
There's no tags or description
Looks like no tags are added yet.
Study Analytics
Name | Mastery | Learn | Test | Matching | Spaced |
|---|
No study sessions yet.
7 Terms
1
New cards
Mortgage
A legally binding instrument that creates a lien on a piece of property
2
New cards
Acceleration clause
A clause in a mortgage that makes the entire debt due immediately in the case of borrower default
3
New cards
Due-on-sale clause
A requirement that the borrower repay the loan when transferring ownership to another
4
New cards
Promissory note
A promise by a borrower to repay the loan
5
New cards
Prepayment penalty
An amount charged by the lender for interest lost when a borrower sells or pays off a loan early
6
New cards
Mortgagor
The borrower
7
New cards
Mortgagee
The lender
Note 
Flashcards (23)