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LSDefine

Simple English definitions for legal terms

future-advances mortgage

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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

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got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
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