In a Kansas mortgage transaction, the borrower who pledges real property as security for a loan is correctly identified as which of the following?
Correct Answer
A) Mortgagor
In a Kansas mortgage, the borrower is called the mortgagor because they execute (sign) the mortgage document pledging their property as collateral. The mortgagor retains legal title to the property while granting the lender a security interest.
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Related Concepts
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs available to eligible veterans, active-duty service members, and surviving spouses. It offers no down payment and no private mortgage insurance requirements.
An adjustable-rate mortgage (ARM) has an interest rate that changes periodically based on market conditions, typically after an initial fixed-rate period. The rate adjustment is tied to a financial index plus a margin.
Closing costs are the fees and expenses paid by the buyer and seller at the closing of a real estate transaction, beyond the purchase price. They typically range from 2-5% of the purchase price.
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