Mortgage Term definition

Mortgage Term refers to the term defined in Article 2.3 to the Contract;
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Mortgage Term means the term of each Mortgage Advance, commencing on the subject Mortgage Advance Date and ending on the date which is three (3) years after the Mortgage Advance Date, unless earlier terminated;
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Mortgage Term means the period during which you must repay the amount owed as set out in the Mortgage Offer;
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Examples of Mortgage Term in a sentence

  • This means that your Total Debt may increase and your Mortgage Term may also increase.

  • This may mean you pay more interest over time if we do not change the Monthly Payment, or your Monthly Payments do not clear the Amount You Owe at the end of the Mortgage Term even on a Repayment Mortgage.

  • If necessary, you must rebuild or make good all buildings and anything else fixed to or built on Your Property now or at any time throughout the Mortgage Term.

  • You are responsible for paying the Amount You Owe in full at the end of the Mortgage Term.

  • Any other reason – including payment shortfalls and arrears of Monthly Payments – that ensures you can repay the amount you borrow under the Mortgage Offer on or immediately before the end of the Mortgage Term.

  • You must insure Your Property at your own cost throughout the Mortgage Term.

  • We will get your specific agreement to do this (for example, in the declarations you give when you apply for your mortgage, or if you specifically agree to this during the Mortgage Term).

  • If we allow you to pay your Mortgage (or any part of it) on an Interest Only basis you must at the end of the Mortgage Term repay the Total Debt to us from your own resources.

  • The amount of the Monthly Payment has been calculated by us based on the amount of the Total Debt, the Interest rate and the Mortgage Term shown in the Mortgage Offer.

  • If we allow you to pay your Mortgage (or any part of it) on an interest-only basis you will at the end of the Mortgage Term repay the Total Debt to us from your own resources.


More Definitions of Mortgage Term

Mortgage Term means the period as specified in Policy Schedule 1.
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Mortgage Term means the period of time during which you agree to repay the Loan to us as specified in your Mortgage Offer.
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Related to Mortgage Term

  • Coverage Term All insurance required herein shall be maintained in full force and effect until Work required to be performed under the terms of the Contract are satisfactorily completed and formally accepted; failure to do so may constitute a material breach of this Contract, at the sole discretion of the TOWN. In the event any insurance policy(ies) required by this contract is(are) written on a “claims made” basis, coverage shall extend for two(2) years past completion and acceptance of the CONTRACTOR’s work or services, as evidenced by annual Certificates of Insurance.

  • Minimum Mortgage Interest Rate With respect to each Adjustable Rate Mortgage Loan, a rate that is set forth on the related Mortgage Loan Schedule and in the related Mortgage Note and is the minimum interest rate to which the Mortgage Interest Rate on such Mortgage Loan may be decreased on any Adjustment Date.

  • Lender-Paid Mortgage Insurance Loan Each of the Mortgage Loans identified on the Mortgage Loan Schedule as having a Lender-Paid Mortgage Insurance Rate.

  • Mortgage Interest Rate The annual rate of interest borne on a Mortgage Note.

  • Initial Mortgage Rate As to each Mortgage Loan, the Mortgage Rate in effect prior to the Initial Adjustment Date.

  • Commercial Mortgage Loan means a loan secured by a Lien on improved real estate used for commercial purposes.

  • Mortgage Debt means (i) debt secured only by real property at the time of the MSPLF Loan’s origination;2 and (ii) limited recourse equipment financings (including equipment capital or finance leasing and purchase money equipment loans) secured only by the acquired equipment.

  • Residential mortgage loan means any loan primarily for

  • Mortgage shall have the meaning assigned to such term in the recitals.

  • Weighted Average Net Mortgage Interest Rate As to any Distribution Date, a rate per annum equal to the average, expressed as a percentage of the Net Mortgage Interest Rates of all Mortgage Loans that were Outstanding Mortgage Loans as of the Due Date in the month preceding the month of such Distribution Date, weighted on the basis of the respective Scheduled Principal Balances of such Mortgage Loans.

  • Maximum Mortgage Interest Rate With respect to each Adjustable Rate Mortgage Loan, a rate that is set forth on the related Mortgage Loan Schedule and in the related Mortgage Note and is the maximum interest rate to which the Mortgage Interest Rate on such Mortgage Loan may be increased on any Adjustment Date.

  • Mortgage Interest Rate Cap With respect to an Adjustable Rate Mortgage Loan, the limit on each Mortgage Interest Rate adjustment as set forth in the related Mortgage Note.

  • Adjustable Rate Mortgage Loan A Mortgage Loan serviced pursuant to this Agreement under which the Mortgage Interest Rate is adjusted from time to time in accordance with the terms and provisions of the related Mortgage Note.

  • Initial Mortgage Loan A Mortgage Loan conveyed to the Trust Fund on the Closing Date pursuant to this Agreement as identified on the Mortgage Loan Schedule delivered to the Trustee on the Closing Date.

  • Group 2 Mortgage Loans Those Mortgage Loans identified on the Mortgage Loan Schedule as Group 2 Mortgage Loans.

  • Park Monaco Mortgage Loans The Mortgage Loans identified as such on the Mortgage Loan Schedule for which Park Monaco is the applicable Seller.

  • Group 3 Mortgage Loans Those Mortgage Loans identified on the Mortgage Loan Schedule as Group 3 Mortgage Loans.

  • Group 1 Mortgage Loans Those Mortgage Loans identified on the Mortgage Loan Schedule as Group 1 Mortgage Loans.

  • Net Mortgage Interest Rate As to any Mortgage Loan and Distribution Date, such Mortgage Loan's Mortgage Interest Rate thereon on the first day of the month preceding the month of the related Distribution Date reduced by (i) the Servicing Fee Rate and (ii) the Trustee Fee Rate.