Implied Call

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Dictionary Says

Definition of 'Implied Call'

A right given to mortgage borrowers that allows them to call or pay-back a loan at any time. The call is implied, as it is included in most mortgages unless specified otherwise.
Investopedia Says

Investopedia explains 'Implied Call'

The implied call allows a borrower to refinance a mortgage when interest rates drop. In this case, the borrower will take out a new mortgage at the lower rate, using its proceeds to call the original debt.

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