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.