Mortgagor A borrower who gives a mortgage on his or her property in order to obtain a loan from a lender. An estimate of a property s worth given by a licensee for the purpose of a prospective sale. A charge by a lender for taking a mortgage in exchange for a loan. A provision in a mortgage that allows the mortgagor to pay the mortgage debt ahead of schedule without penalty. The worth of all future benefits of an investment in terms of today s dollars.
Property insurance see hazard insurance.
An agreement whereby one party agrees to sell and the other party agrees to buy according to the terms set forth. Secondary lender Agency or financial institution that buys mortgage loans previously made by primary lenders. A source for the purchase and sale of existing mortgages. Second mortgage A loan that is junior or subordinate to a first mortgage, normally taken out when the borrower needs more money. A provision in a mortgage that requires the borrower to pay all legitimate property taxes.