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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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almost all of my apps have been UR for 6 weeks at this point I feel exhausted waiting for them to finish
Irvine is being snobby and wont start any review until end of Nov.
Yeah, it’s tough. I’m distracting myself by playing good video games after work :)
im distracting myself by schizo-scrolling r/lawschoolamissions and every conceivable data point on this godforsaken website
it is not working
Haaa I naturally want to do that too. I’m trying to stop. They need a surgeon general’s warning on this site for perspective law students
i spend more time on here then anything else trying to rationalize that the waves from last year will match waves for this year (they won't) and that the stats of people with the same stats are indicative of my own (they aren't)
There aren't many people in my stat range so I pretty much know every result in my range after being on here for a few years
9:28
congrats on the 172 bruce
go dawgs fr
9:29
roll tide
do we foresee a fordham election day wave today (i'm delusional)
WorthlessAttractiveZombie
9:31
I think so, Jack
9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
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