Best answer: Which document is available to the borrower when a loan is completely repaid?

Which document is available to the borrower when a loan is completely repaid quizlet?

Which document is available to the borrower when the loan secured by a deed of trust is completely repaid? The answer is release deed. The answer is approved lenders. The answer is 1% of the loan amount.

What document is given to the trustor when the deed of trust debt is completely repaid?

A Deed of Reconveyance is a document that transfers title in the real property to the borrower (the Trustor) from the Trustee once the borrower has fully paid the debt secured by a Deed of Trust.

What is a full reconveyance letter?

Whether you get a deed of reconveyance, a full reconveyance or a satisfaction of mortgage document, it means the same thing: your loan has been paid in full and the lender no longer has an interest in your property. With your mortgage or deed of trust paid off, you cannot be foreclosed on by a financial institution.

Which document is available to the borrower when the loan secured by a deed of trust is completely repaid quizlet?

Which document is available to the borrower when the loan secured by a deed of trust is completely repaid? deed of reconveyance.

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When a borrower the buyer applies for a loan the lender will provide?

If the application is approved, the lender will offer the borrower a loan of up to a certain amount and at a particular interest rate. Homebuyers can apply for a mortgage after they have chosen a property to buy or while they are still shopping for one, a process known as pre-approval.

Which of the following documents accompanies the deed of trust?

The borrower is the mortgagor; the lender is the mortgagee. The trustor is the borrower under a deed of trust. Which of the following documents accompanies the deed of trust? The promissory note is secured by a deed of trust or mortgage.

What is deed of release and reconveyance?

The release indicates that you no longer have this mortgage and the reconveyance shows that you have all right, title and interest in the property. After it is filed and recorded, you should get a copy of the document and it is imperative that you safeguard it for as long as you own the property.

What is substitution of trustee and deed of reconveyance?

In a nutshell, the Substitution of Trustee and Deed of Reconveyance is a legal document that evidences security interest is being release by a lender. … If the bank chooses to appoint a new trustee at the time the loan is paid and/or the obligation is satisfied, they will “substitute” a new trustee.