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Simple English definitions for legal terms

all-inclusive mortgage

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A quick definition of all-inclusive mortgage:

An all-inclusive mortgage is a type of loan where a borrower takes out a second mortgage to cover the outstanding balance of their first mortgage and also receive additional funds. This type of mortgage is also known as a wraparound mortgage. The borrower makes one monthly payment to the lender, who then distributes the appropriate amounts to the first mortgage holder and keeps the rest. It is important to note that the borrower is still responsible for paying off the first mortgage, but the all-inclusive mortgage simplifies the payment process.

A more thorough explanation:

An all-inclusive mortgage, also known as a wraparound mortgage, is a type of mortgage that includes the outstanding balance of an existing mortgage and additional funds borrowed by the borrower. The lender assumes the payments on the borrower's low-interest first mortgage and lends additional funds. The borrower makes payments to the new lender, who then pays the original mortgage lender.

For example, if a borrower has a $100,000 mortgage with a 5% interest rate and wants to borrow an additional $50,000, they can take out an all-inclusive mortgage for $150,000 with a new lender. The new lender assumes the payments on the original mortgage and lends the additional $50,000. The borrower makes payments to the new lender, who then pays the original mortgage lender.

All-inclusive mortgages are beneficial for borrowers who have a low-interest rate on their existing mortgage and want to borrow additional funds without refinancing their original mortgage. However, they can be risky for lenders because they are assuming the payments on the original mortgage and may not have the same level of security as a traditional mortgage.

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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