Definitions for "Mortgage Acceleration Clause"
Provision in a mortgage, which gives the lender the right to demand repayment of the entire loan, under certain circumstances, such as default, property sale, change of title, or refinance.
A statement in the mortgage documents that permits a lender to request payment in full of the loan as a lump sum in certain cases, such as when the home is sold, the title is changed, the loan is refinanced, or if the borrower defaults on a payment.
A provision or clause in a loan agreement that allows a lender to demand full payment of the loan balance under certain circumstances. Such circumstances can include the sale of the property, loan default, or mortgage refinancing. This clause is not commonly used in Canada or by Canadian lenders.