Which item is not typically obtained from a current mortgage statement?

Which item is not typically obtained from a current mortgage statement?

• A. Principal balance
• B. Legal description of the property
• C. The term of the mortgage
• D. Interest rate on the loan

Answer: (B)

A current mortgage statement focuses on the loan itself—its status and terms—rather than identifying the property. It will show details such as the remaining principal balance, the interest rate, the loan term (or remaining years), and the monthly payment due, along with the next due date and often any escrow balance for taxes and insurance. The legal description of the property, however, is a formal description used in the deed and title to identify the parcel. That information comes from the property's deed, title, or tax documents, not from the loan statement. So the item not typically obtained from a current mortgage statement is the legal description of the property.

A current mortgage statement focuses on the loan itself—its status and terms—rather than identifying the property. It will show details such as the remaining principal balance, the interest rate, the loan term (or remaining years), and the monthly payment due, along with the next due date and often any escrow balance for taxes and insurance. The legal description of the property, however, is a formal description used in the deed and title to identify the parcel. That information comes from the property's deed, title, or tax documents, not from the loan statement. So the item not typically obtained from a current mortgage statement is the legal description of the property.