Legal Definitions - consolidated mortgage

A consolidated mortgage is a type of mortgage created by combining two or more mortgages. A mortgage is a legal agreement in which a borrower uses their property as collateral to secure a loan. The borrower must make regular payments to the lender until the loan is fully paid off. If the borrower fails to make payments, the lender can foreclose on the property and sell it to recover their money.

For example, if a homeowner has two mortgages on their property, they can combine them into one consolidated mortgage. This can make it easier to manage their payments and potentially lower their interest rate. The consolidated mortgage would cover the total amount owed on both mortgages and the borrower would make one monthly payment to the lender.