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Residential Mortgage

Residential Mortgage Definition

Is an outstanding loan on a residential property.  The loan is normally backed by a lien on the property as collateral until the loan and interest is paid off.


Additional meaning of Residential Mortgage:

For example: 

The Smiths wanted to buy a house that cost $200,000.  They paid $50,000 as down payment and took out a Residential Mortgage for the remaining balance.








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