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LSDefine

Simple English definitions for legal terms

standing mortgage

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A quick definition of standing mortgage:

A standing mortgage is a type of loan where the borrower only pays the interest for a certain period of time, usually a few years, and then must pay the full amount of the loan in one lump sum. It is also known as an interest-only mortgage. Mortgages are loans that are secured by property, meaning that if the borrower fails to pay back the loan, the lender can take possession of the property. There are many different types of mortgages, including adjustable-rate mortgages, fixed-rate mortgages, and balloon-payment mortgages.

A more thorough explanation:

A standing mortgage is a type of interest-only mortgage where the borrower is only required to pay the interest on the loan for a certain period of time, usually a few years. At the end of the term, the borrower must pay the entire principal amount in one lump sum payment. This type of mortgage is also known as a straight-term mortgage.

For example, let's say a borrower takes out a standing mortgage for $200,000 with a term of five years. During those five years, the borrower only has to make monthly payments on the interest, which is based on the outstanding balance of the loan. At the end of the five years, the borrower must pay the entire $200,000 in one payment.

Standing mortgages can be risky for borrowers because they require a large sum of money at the end of the term. However, they can be useful for those who expect to have a large sum of money available at the end of the term, such as from an inheritance or the sale of another property.

standing master | standing mute

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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