North Carolina General Statutes > Chapter 45 > Article 8 – Instruments to Secure Certain Home Loans
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| § 45-80 | Priority of security instruments securing certain home loans |
Terms Used In North Carolina General Statutes > Chapter 45 > Article 8 - Instruments to Secure Certain Home Loans
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.