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Encyclopedia > Location Efficient Mortgage
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A special mortgage given to people who buy homes in locations where they don't need to rely on cars as much or at all for transportation. Location Efficient Mortgages allow people to buy more expensive homes than they normally would be able to by factoring in the money they'll save on transportation costs.

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NRDC: Guide to Location Efficient Mortgages (602 words)
A Location Efficient Mortgage® increases the amount of money homebuyers in urban areas are able to borrow by taking into account the money they save by living in neighborhoods where they can shop at nearby stores and use public transit, rather than driving to work and to the mall.
The Location Efficient Mortgage® program was designed to encourage the development of efficient, environmentally progressive communities and to reduce urban sprawl and dependence on cars.
The Location Efficient Mortgage® project is a joint effort of the Natural Resources Defense Council, the Surface Transportation Policy Project and the Center for Neighborhood Technology.
mortgage: Definition, Synonyms and Much More From Answers.com (6721 words)
Commonly used to purchase homes, mortgages specify the terms by which the purchaser borrows from the lender (usually a bank or a savings and loan association), using his or her title to the house as security for the unpaid balance of the loan.
Since mortgage debt is often the largest debt owed by the debtor, banks and other mortgage lenders run title searches of the real property to make certain that there are no mortgages already registered on the debtor's property which might have higher priority.
At common law, a mortgage was a conveyance of land that on its face was absolute and conveyed a fee simple estate, but which was in fact conditional, and would be of no effect if certain conditions were not met --- usually, but not necessarily, the repayment of a debt to the original landowner.
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