Escrow & Title
What is a 'satisfaction of mortgage' in Delaware?
AA document the lender provides when the borrower is satisfied with the loan terms
BA document recorded in public records confirming full payoff of a mortgage loan and releasing the lien✓ Correct
CA certification that the property is worth the mortgage amount
DA letter from the lender confirming approval of an assumption
Explanation
A satisfaction of mortgage (or mortgage discharge) is a recorded instrument that confirms the mortgage loan has been paid in full and releases the mortgage lien from the property's title.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
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