Renewal And Extension Rider

Liens generally follow the first in time, first in right rule, which says that whichever lien is recorded first in the land records has higher priority than later recorded liens.

A promissory note is a contract, a mortgage (in California a deed of trust) is a lien.

Understanding Notes A note is a debt security obligating repayment of a loan, at a predetermined interest rate, within a defined time frame.

The Renewal and Extension is a form only used on rate and term refinance loans secured by the primary residence. Its purpose is to renew and extend the lien that is being refinanced so that the new lender (you) step into the shoes of the prior lien holder and retain lien priority and rights.

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.

A loan extension agreement allows the maturity date to be extended on a current note. The agreement amends the current loan along with any other terms that agreed-upon by the lender and borrower.

A mortgage rider is simply an appendix to the mortgage document. It's main purpose is to include special terms, conditions and situations affecting the loan that are not present in the main mortgage document. Lenders use pre-printed mortgage documents when preparing the loan.

Contract extension: an existing contract is continued for a period of time.Contract renewal: an existing contract endsby, for example, expiringand the parties agree to enter into a new contract (usually for the same or very similar services).