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Mortgagee

Mortgagee

An entity such as a bank, credit union or other financial institution that lends money to a borrower for the purpose of purchasing real estate. The borrower must pay back the loan amount with interest over a designated period of time. Typically, the mortgage is secured by the property being purchased, which means that if the borrower defaults on the loan, the mortgagee has the right to foreclose on the property and sell it to recover their investment. Mortgagees typically assess the borrower's creditworthiness, income, and other factors to determine the terms of the loan, such as the interest rate and length of the repayment period. As a borrower, it is important to carefully consider your ability to pay back the loan and shop around for the best mortgagee and loan terms before making any commitments.
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