mortgage holder
Học thuậtThân thiện
Definition
Noun: * The person or entity that lends money for a mortgage and holds the legal claim (lien) on the property as security for the loan. This is the party, typically a bank or financial institution, that provides the funds to purchase real estate and, in return, receives the right to take possession of the property if the borrower fails to repay the loan.
Examples of Usage
- Noun:
- The mortgage holder sent a notice about the change in interest rates.
- Before you can sell the house, you must pay off the mortgage holder.
- If you miss payments, the mortgage holder has the right to foreclose on the property.
Advanced Usage
- "To be in communication with the mortgage holder": To be in contact with the lender regarding the loan.
- The homeowner was in constant communication with the mortgage holder to negotiate new terms.
- "Rights of the mortgage holder": The legal entitlements of the lender as defined in the mortgage contract.
- The contract clearly outlines the rights of the mortgage holder in case of default.
Variants and Related Words
- Mortgagee (noun): A formal and legal synonym for "mortgage holder."
- The property deed lists the bank as the mortgagee.
- Lender (noun): A more general term for any entity that loans money.
- Note holder (noun): Specifically refers to the holder of the promissory note, which is the promise to repay the debt. Often, but not always, the same entity as the mortgage holder.
Synonyms
- Lender: The entity that provides the loan.
- Creditor: A party to whom money is owed.
- Financier: An entity that provides funding for a project or purchase.
Related Phrases
- To hold a mortgage on a property: To be the legal lender secured by a specific property.
- The credit union holds the mortgage on their condo.
Noun
- the person who accepts a mortgage
- the bank became our mortgagee when it accepted our mortgage on our new home