Mortgage clause is a provision in an insurance policy that protects the rights and interests of a mortgagee in a mortgaged property. This clause is entered mainly in situations where the insured property is subject to a mortgage.What is a mortgage clause?
Standard mortgage clause is a clause in an insurance policy that protects the interest of the lender to recover the proceeds even if the borrower is at fault. This type of clauses is mainly included in fire and casualty insurance.What is a mortgage loan?
A mortgage is a loan to purchase a home or other piece of property. A mortgage payment should not exceed 28% of the total income of a qualifier. With a mortgage, the lender holds the deed to the property as collateral. A mortgage is a loan a person uses to pay for a piece of property.