Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

future-advances mortgage

Read a random definition: do-not-resuscitate order

A quick definition of future-advances mortgage:

A mortgage is a way to borrow money to buy a house or property. It's like a promise to pay back the money you borrowed, with interest, over a certain amount of time. If you don't pay back the money, the lender can take the property away from you. There are different types of mortgages, like ones with a fixed interest rate or ones where the interest rate can change. A future-advances mortgage is when part of the loan isn't paid until later.

A more thorough explanation:

A future-advances mortgage is a type of mortgage where part of the loan amount is not paid immediately but at a future date. It is a conveyance of title to property that is given as security for the payment of a debt or the performance of a duty and will become void upon payment or performance according to the stipulated terms.

For example, if a borrower takes out a future-advances mortgage for $100,000, they may receive $50,000 upfront and the remaining $50,000 at a later date. This type of mortgage is commonly used in construction loans where the borrower needs funds at different stages of the project.

The future-advances mortgage allows the borrower to access additional funds without having to go through the process of applying for a new loan. However, it also means that the borrower will have to pay interest on the entire loan amount, even if they have not received all the funds yet.

future-advance clause | future consideration

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
babycat
16:00
@shaquilleoatmeal: I’ll stop by just for you. I gotta grind out some of my last essays tn.
shaquilleoatmeal
16:02
@soyalmondoatmilk: im weak af, can't handle that spicy cashew lmao
shaquilleoatmeal
16:03
@babycat: 😘 see you in a bit, grind out those essays before you hop back on
shaquilleoatmeal
16:04
appreciate the non wink since you didn't appreciate it them then lol
babycat
16:06
I'll do it for you ;)
16:06
Tough to justify attending a law school where the admissions office does epic resistance political commentary at the info session
BulbasaurNoLikeCardio
16:07
making me feel jealous here wow, I am about to go taste test a bunch of deserts for our baby shower this weekend.
BulbasaurNoLikeCardio
16:07
@milktoast: what school got political at an info session?
shaquilleoatmeal
16:11
nothin to be jealous about, i've been trying to slide into babycats dms but shes got a long line I guess I gotta wait in to see if I can get in lmao
babycat
16:11
omg if you get into ASU they give you travel expense reimbursement to go there for a visit. does anyone know which other schools do this? I'd love to get a comped vacation
shaquilleoatmeal
16:12
think BU gives you $300 or somethin
ClassyPleasantHeron
16:12
Where is ASU getting this kind of $$$ from? They waive CAS fees too.
babycat
16:13
@shaquilleoatmeal: yeah but then you have to go to Boston :(
shaquilleoatmeal
16:14
uva too
shaquilleoatmeal
16:14
whats wrong w boston ;(
GOT PROMOTED YAY how do i tell law schools abt this?
like do i type up and separate doc and send as an attachment? how much do i write?
shaquilleoatmeal
16:15
@jackfrost11770: LFGGGG
TYYYYYY
shaquilleoatmeal
16:16
do any of your schools have updated sections in the portal? If so, i'd upload there, if not email. Small paragraph should do it id think
1a2b3c4d26z
16:16
Who wanna play some operation metro later on
1a2b3c4d26z
16:16
Congrats jack!
thank you!!
babycat
16:16
@jackfrost11770: personally I would submit an updated resume reflecting the new position instead of a paragraph but idk what SOP is
getting a bacon egg and cheese in celebration
1a2b3c4d26z
16:18
lfg baby you earned that
babycat
16:20
also congrats!! big win
initiallaw
16:23
congrats!!
:D
the big W is that i get reimbursed for travel now thank GOD
LSD+ is ad-free, with DMs, discounts, case briefs & more.