N – First Colony
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mortgage glossary

A B C D E F G H I J L M N O P R S T U V

No-cost mortgage

A mortgage on which all settlement costs except per diem interest, escrows, homeowners insurance and transfer taxes are paid by the lender and/or the home seller. Most lenders charge a higher interest rate than the current going rate if a borrower chooses this option.

Note

A document that evidences a debt and a promise to repay. A mortgage loan transaction always includes both a note evidencing the debt, and a mortgage evidencing the lien on the property, usually in two documents.