Mortgage Instrument
Definition of "Mortgage instrument"
A written mortgage document. A mortgage instrument states the terms of the mortgage including the interest rates, length of payments, payment dates, and remedies the bank is entitled to in the event of the mortgagor's failure to pay as required including late charges.
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Maybe you’re studying for your real estate exam, or you heard the word from your real estate agent and didn’t know what it means. Whichever your reason, we’ll go ahead and ...
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