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Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Common Terms 1   Common Terms 2

Mortgage

Phonetics: mort·gage    \'mȯr-gij\

Function: noun

The Mortgage or Deed of Trust is a document that can typically be anywhere from two to eighteen pages, and sometimes even longer. There are different variations on this document. One variation is called a Short Form Deed of Trust. Some Mortgages include riders that include many terms about a variety of situations. There could be a family rider, or a multi-state rider for example.

There are many types of mortgages in the market place such as: Assumed Mortgages, Adjustable Rate Mortgages, Balloon Mortgages, First Mortgages, Graduated Payment Mortgages, Reverse Mortgages, and more.

Additionally, there is Mortgage insurance for loans. Some loans are required to have Mortgage insurance if the amount borrowed exceeeds a particular percent of the value of the property.

Borrowers who have trouble paying back their loan on their Mortgage have often been scammed by Loan Modification deals that had very unfavorable terms. Many states forbid anyone other than an attorney to sell such loan products.

Definition 1:
This document is used to secure the payment of a loan. Many states use a document called a Deed of Trust in its place.

Definition 2:
This document has the address of the property, name of the lender, name of the borrower, and the amount borrowed as well as the potential to have many riders. This document is typically initaled at the bottom of each page as well.