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Mortgage Definitions

Patricia Gaudreault

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Across
1.a mortgage term that can be paid off at any time with little or no penalty
6.(2 words) a percentage charged on outstanding amount of debt
8.(2 words) name of the electronic form used to register a mortgage online
9.amount of money being borrowed
10.lender of mortgage
14.(2 words) an amount paid to the lender as a penalty for paying out a mortgage early
20.specific legal process where a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan
Down
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

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