Escrow & Title
In Kansas, what is a 'satisfaction of mortgage'?
AThe bank's approval of the buyer's loan application
BA document executed by the lender confirming the mortgage loan has been fully repaid and releasing the lien✓ Correct
CThe appraisal confirming the property value meets the loan amount
DA title insurance endorsement
Explanation
A satisfaction of mortgage (or release of mortgage) is a recorded document executed by the lender confirming the debt has been paid in full, which releases the mortgage lien from the property.
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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.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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