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Simple English definitions for legal terms
consolidated mortgage
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A quick definition of consolidated mortgage:
A mortgage is a way to borrow money to buy a property. It's like a promise to pay back the money you borrowed, with interest, over a certain period of time. If you don't pay back the money, the lender can take the property. There are different types of mortgages, like ones with a fixed interest rate or ones where the interest rate can change. A consolidated mortgage is when two or more mortgages are combined into one.A more thorough explanation:
A consolidated mortgage is a type of mortgage created by combining two or more mortgages. A mortgage is a legal agreement in which a borrower uses their property as collateral to secure a loan. The borrower must make regular payments to the lender until the loan is fully paid off. If the borrower fails to make payments, the lender can foreclose on the property and sell it to recover their money.
For example, if a homeowner has two mortgages on their property, they can combine them into one consolidated mortgage. This can make it easier to manage their payments and potentially lower their interest rate. The consolidated mortgage would cover the total amount owed on both mortgages and the borrower would make one monthly payment to the lender.
consolidated laws | Consolidated Omnibus Budget Reconciliation Act of 1985