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| 2. | is the security used to guarantee repayment of a mortgage loan |
| 3. | (2 words) must be read carefully by the LOA and followed exactly - will set forth all terms and conditions of the mortgage |
| 4. | form of security that uses land or property as guarantee for repayment |
| 5. | (3 words) confirmation that the property has been insured in accordance with lender instructions |
| 7. | a kind of mortgage term that is locked in for a period of time; early payout is subject to a penalty |
| 11. | form of insurance which insures against financial loss from defects in title to real property |
| 12. | (2 words) any individual who grants a mortgage loan |
| 13. | (3 words) a ratio that expresses the amount of a mortgage as a percentage of the total appraised value of real property |
| 15. | method for calculating interest over a longer period of time - usually 20 or 25 years. At the end of this period, the loan would be theoretically paid in full |
| 16. | (2 words) the length of time for which the mortgagee and mortgagor have agreed on a certain interest rate for a period of time |
| 17. | the concept of who will be paid first in the event of a default - determined by time of registration |
| 18. | borrower of mortgage |
| 19. | a situation in which someone is not making payments on his or her mortgage, or is in breach of the terms of the mortgage |
