Master Mortgage


DEFINITION of 'Master Mortgage'

Documentation that is filed in the records for public land by mortgage originators as a matter of standard procedure. The master mortgage makes the lien-recording process less complicated and also aids in the sale of mortgages that trade in the secondary market.

BREAKING DOWN 'Master Mortgage'

Every originator of mortgages must file a master mortgage. The master mortgage was originally created by Fannie Mae and Freddie Mac in an attempt to streamline the record-keeping process. Master mortgages are required to be filed in the registrar's office prior to any placement of subsequent liens.

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  1. Do FHA loans have prepayment penalties?

    Unlike subprime mortgages issued by some conventional commercial lenders, Federal Housing Administration (FHA) loans do not ... Read Full Answer >>
  2. Can FHA loans be refinanced?

    Federal Housing Administration (FHA) loans can be refinanced in several ways. According to the U.S. Department of Housing ... Read Full Answer >>
  3. Can FHA loans be used for investment property?

    Federal Housing Administration (FHA) loans were created to promote homeownership. These loans have lower down payment requirements ... Read Full Answer >>
  4. Do FHA loans have private mortgage insurance (PMI)?

    he When you make a down payment from 3 to 20% of the value of your home and take out a Federal Housing Administration (FHA) ... Read Full Answer >>
  5. How many FHA loans can I have?

    Generally, the Federal Housing Administration (FHA) does not insure more than one mortgage per borrower. This is to prevent ... Read Full Answer >>
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    Loans insured by the Federal Housing Administration (FHA) on or after Dec. 15, 1989, are assumable by qualifying borrowers. ... Read Full Answer >>

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