Definition: The term "mortgage on a $400,000 home" refers to a loan that has been made for the purpose of purchasing a property with an initial purchase price of $400,000. The mortgage is typically secured by a second mortgage or a refinance, and it allows the borrower to finance the purchase of their first home. The definition of "mortgage on a 400k house" can be summarized as follows: - A loan that has been made for the purpose of purchasing a property with an initial purchase price of $400,000 - The mortgage is typically secured by a second mortgage or a refinance - It allows the borrower to finance the purchase of their first home
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