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ready to apply. Starting your application on the Web, however, can help you bypass the traffic jams at the call center. Operation of the mortgage The borrower (also called the mortgagor) uses a mortgage to pledge real property to the lender (also called the mortgagee) cheap mortgage lead security against the debt (also called hypothecation) for the rest of the value of the property. In cheap mortgage lead terms, the creation of a mortgage gives the legal title of the land to the mortgagee and an equitable title (called "equity of redemption") to the mortgagor. The legal title, however, only exists as a security for a debt and does not convey any title or powers associated with real property. The mortgage instrument contains two parts: the mortgage, which is cheap mortgage lead pledge the promissory note (or simply note) which is the actual evidence of the debt and promise to repay To protect the lender, a mortgage is recorded in the public records creating a lien (when there are multiple liens, order of recording determines priority). Since mortgage debt cheap mortgage lead often the largest debt owed by the debtor, banks and other mortgage lenders run title searches of the real property
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