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There are two parties to a mortgage. You are the mortgagor or borrower, and the lender is the mortgagee. A mortgage document creates a lien on the property, which serves as a lender's security for the debt.
Overview. A Texas Section 50(a)(6) loan is a loan originated in accordance with and secured by a lien permitted under the provisions of Article XVI, Section 50(a)(6), of the Texas Constitution, which allow a borrower to take equity out of a homestead property under certain conditions.
A mortgage is a legal instrument which is used to create a security interest in real property held by a lender as a security for a debt, usually a loan of money.
If originated in compliance with the requirements of Article XVI, Section 50(f)(2) of the Texas Constitution, a 50(f)(2) refinance converts a 50(a)(6) home equity lien into a valid 50(a)(4) refinance lien.the rate/term refinance without it being considered a Texas home equity loan.
The most important of these is the Satisfaction of Mortgage, sometimes referred to as a letter of satisfaction, which the lender sends to the borrower to indicate the home loan is paid in full.
A security instrument is a legal document giving the bank a security interest in the property. It can be a mortgage, giving the lender a lien on the property, or a deed of trust, whereby a trustee holds the deed for the lender until you finish paying off the loan.