Simply stated, a mortgage is a long-term loan for a property purchase or refinance obtained from banks, independent mortgage brokers, online lenders and sometimes from property owners. When closing on a mortgage, the mortgagee signs documents that give the mortgagor a lien against the property....

Acceleration The right of the mortgagee (lender) to demand the immediate repayment of the mortgage loan balance upon the default of the mortgagor (borrower), or by using the right vested in the Due-on-Sale Clause. Adjustable Rate An interest rate that changes periodically in relation to an...