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Mortgage
From wikilawschool.net. Wiki Law School does not provide legal advice. For educational purposes only.
Since the 20th century, the mortgage was devised as a way to allow most people to buy property. Prior to 1900, property owners were understood to own their real property outright.
Terminology
- Mortgagor = borrower
- Mortgagee = lender
- Equity = Borrower's interest in the property
Types of mortgages
- Traditional mortgage = mortgage + promissory note
