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LSDefine

Simple English definitions for legal terms

mortgage certificate

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A quick definition of mortgage certificate:

A mortgage certificate is a piece of paper that shows you own a part of a mortgage. A mortgage is a loan you take out to buy a house. When you buy a mortgage certificate, you are buying a piece of that loan. It's like buying a slice of a pizza instead of the whole thing.

A more thorough explanation:

MORTGAGE CERTIFICATE

A mortgage certificate is a legal document that proves partial ownership of a mortgage.

For example, if a bank issues a mortgage for a property worth $100,000, they may sell parts of that mortgage to investors. The investors will receive a mortgage certificate that proves their partial ownership of the mortgage. This certificate will include information such as the amount of the mortgage, the interest rate, and the payment schedule.

Another example is if a homeowner wants to refinance their mortgage. The new lender may require a mortgage certificate from the previous lender to prove the amount of the outstanding mortgage.

The examples illustrate how a mortgage certificate is used to prove ownership of a mortgage. It is a legal document that provides important information about the mortgage, such as the amount owed and the payment schedule. This information is important for investors and lenders to make informed decisions about buying or refinancing mortgages.

mortgage banker | mortgage clause

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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