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Implied Call |
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Implied call Implied Call The right of a mortgage borrower to pay off his/her mortgage loan at any time. Unless there are penalties attached in the loan contract, this causes the lender to lose any interest that would have accumulated had the mortgage continued to exist. This right is usually implied in the contract, and is assumed to exist unless the contract states otherwise. Theoretically, it could be exercised if a homeowner accumulated enough cash to pay off the mortgage outright; most often it is exercised when the homeowner re-finances his/her loan. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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