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

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

What document is available to the mortgagor when the mortgage debt is completely repaid? The answer is SATISFACTION OF MORTGAGE. A document that indicates the mortgage has been fully paid off is a satisfaction of mortgage, sometime called a satisfaction piece. legal title to the mortgagee.

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

A document, also known as a deed of reconveyance, that transfers all rights given a trustee under a deed of trust loan back to the grantor after the loan has been fully repaid.

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Which of the following terms describes a loan that requires payments that do not fully pay off the loan balance by the final payment?

The answer is balloon. When the term of the loan is over and the payments made have not paid off the debt, the last payment is a balloon payment. Thus the loan is called a balloon loan.

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.

What is a mortgage document?

The Mortgage or Deed of Trust is a legal document in which the borrower transfers the title to a third party (trustee) to hold as security for the lender. … By signing this document, you are giving the lender the right to take back the property should you fail to repay your loan as agreed.

What is a reconveyance document?

A deed of reconveyance is a legal document that indicates the transfer of a property’s title from lender to borrower. The deed of reconveyance is typically issued after the borrower has paid off their mortgage in full. Some states do not use mortgages but use deeds of trust.

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.

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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.

How is a loan assumption documented?

The most important document in the loan assumption process is the deed of trust, which adds your name to the mortgage and absolves the original borrower of any obligations under the agreement, assuming a novation. All parties will be required to sign the final documents.

What is LTV quizlet?

The loan-to-value ratio (LTV ratio) is a lending risk assessment ratio that financial institutions and others lenders examine before approving a mortgage. … Additionally, a loan with a high LTV ratio may require the borrower to purchase mortgage insurance to offset the risk to the lender.