Definition of mortgage: A legal agreement that conveys the conditional right of ownership on an asset or property by its owner (the mortgagor) to a lender (the mortgagee) as security for a.
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Use SmartAsset’s free mortgage loan calculator to find out your monthly payments. Includes PMI, homeowners insurance and taxes to give you a complete representation of what you will pay along with monthly mortgage principal and interest.
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Mortgage insurance is an insurance policy designed to protect the mortgagee (lender) from any default by the mortgagor (borrower). It is used commonly in loans with a loan-to-value ratio over 80%, and employed in the event of foreclosure and repossession.
Mortgage amount is rounded to the nearest $1,000. A minimum 5% down payment is required for a purchase price of $500,000 or less. For a purchase price between $500,000 and $1 million, the minimum down payment is 5% on the first $500,000 and 10% on the balance.
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Mortgage definition is – a conveyance of or lien against property (as for securing a loan) that becomes void upon payment or performance according to stipulated terms. How to use mortgage in a sentence.
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