Definition: The term "mortgage on 1 million" refers to a mortgage loan that is made for a property valued at $1 million. This term is used in real estate finance, where it represents the amount by which the borrower has agreed to pay back a specific portion of the purchase price or cost of the property. In simple terms, "mortgage on 1 million" means that the lender agrees to make a loan out of their own capital for the purpose of purchasing a home. The term can also be used to refer to any form of mortgage financing, such as an adjustable-rate mortgage (ARM), which allows homeowners to adjust the interest rate based on changes in market rates and inflation. To provide a more detailed definition of "mortgage on 1 million," consider this example: If a lender offers a $50,000 loan at 7% annual interest for a home purchase that is valued at $1 million, they are making a mortgage on the entire property. This means that the lender is ensuring that they have enough capital to cover all of the payment obligations related to the mortgage.
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