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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.

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14:38
I'm too drunk to taste this chicken
Dkk
14:38
Lol, I suck I guess. @babycat
14:40
suck what? (:
Dkk
14:42
suck at predicting
14:43
boooooo
1a2b3c4d26z
14:45
hi guys
1a2b3c4d26z
14:45
how is everyone doing this fine friday
1a2b3c4d26z
14:46
Tonight im going to go for a run and lift some weights and then eat some dinner (probably a burrito) and then I'm going to watch a scary movie with my girlfriend (probably Longlegs). I'm so excited :)
1a2b3c4d26z
14:46
What is everyone else doing tonight
1a2b3c4d26z
14:47
Besides YM of course
14:47
Yoooo I’m a lifter too
14:47
I'm all good, I'm tipsy in Zanzibar finishing an app and laughing my ass off to this:
babycat
14:48
renard what are you drinking?
BulbasaurNoLikeCardio
14:50
Feeling like sad drinking tonight, wife accidentally tossed out my truck keys and those are expensive as fuck to replace. The crappiest part is that the key chain had the "remove before flight" tab from my first aircraft's rocket pods overseas from 6 years ago. Then find out people fucked around and back dated reports at work making me look like a shit bag so I am working later tonight and missing range time which is my weekly relax/me time. Add in my sleep meds stopped working, so I am thinking vodka (so I stay skinny and hot) and pizza by the fireplace kind of friday.
1a2b3c4d26z
14:51
Renard if you're not drinking margs Im gonna throw hands
14:51
Was at a restaurant and they decided to have me try something called "Double Kick" free of charge, it's like a sugar cane liquor with pineapple flavor
1a2b3c4d26z
14:51
missing range time :(
1a2b3c4d26z
14:52
That sounds good renard but unfortunately I'll still have to throw hands
Tonight I’m Having a date with this guy who asked me out couple times
BulbasaurNoLikeCardio
14:54
What made you give in and go out after he asked a couple times?
Other failed dates
babycat
14:55
That’ll do it
Question, how many of u would sleep on first date
babycat
14:57
honestly my answer is it depends
babycat
14:57
there has to be a very specific vibe to make me want to do that. not like a regular date
babycat
14:59
and sometimes you want to and you still don’t do ir
babycat
14:59
it
babycat
15:00
but I don’t use dating apps so all my first dates are with people I’ve already met in some context, which it sounds like is your situation too
Dkk
15:00
I could never imagine myself doing that on a first date.
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