Mortgage Agreements
Read the short text about mortgage agreements, then select the correct option from the list to complete (1) ….. to (10) ….. .
Mortgage agreement is a contract between a borrower, called the ___1___, and the lender, called the ___2___ where a ___3___ is created on the property in order to secure repayment of the loan; i.e. the lender obtains an ___4___ in certain property (e.g. a house) as security for the loan. Mortgage loans are generally structured as long-term loans, the periodic payments for which are calculated according to a various formulae.
Though the exact language of the mortgage agreements varies by lender, you will find a few common sections in most standard mortgage agreements. For example, basic information that the mortgagor agrees to regarding the loan, including the amount borrowed and any additional costs associated with the loan. It commonly makes reference to other loan documents in the closing paperwork that ___5___ the exact terms of the loan, including ___6___ terms, and interest rate associated with the mortgage. Both parties, the representative of the lender and the ___7___ must sign the mortgage agreement in the presence of a ___8___. Also, the mortgagee must file the mortgage agreement with the ___9____ of the county where the property is located so that the registrar can update the ___10___.
Now, press the START button to select the correct option from the list to complete (1) ….. to (10) ….. .
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