Implied call

The right of the homeowner to prepay, or call, a mortgage at any time.

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.

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References in periodicals archive

He said: "The cardinal is entitled to make his views known but there is an implied call to Catholic politicians and health workers to place Catholic doctrine above the wishes of the electorate.

WE'RE KILLING EQUIVALENT OF 2 DUNBLANE MASSACRES EVERY DAY; Cardinal slammed over abortion claim

Less contentious is the implied call for a fundamental change in the way that the UN is empowered to deal with its international responsibilities.

DELIVER US FROM EVIL

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