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Simple English definitions for legal terms

open-end mortgage

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A quick definition of open-end mortgage:

An open-end mortgage is a type of loan where a person can borrow more money against their property even after they have already taken out a mortgage. This is different from a closed-end mortgage, where a person cannot borrow more money once the mortgage is taken out. With an open-end mortgage, the borrower can keep borrowing money as long as they have equity in their property. It's like having a credit card with a limit based on the value of your home.

A more thorough explanation:

An open-end mortgage is a type of mortgage that allows the borrower to borrow additional funds against the same property. This means that the borrower can take out more money from the lender without having to go through the process of applying for a new loan.

For example, let's say a borrower takes out a $100,000 open-end mortgage on their home. After a few years, they need to make some repairs to the house and want to borrow an additional $20,000. With an open-end mortgage, they can simply request the additional funds from the lender and, if approved, the lender will add the $20,000 to the existing mortgage balance.

Open-end mortgages are useful for borrowers who may need to borrow additional funds in the future, such as for home improvements or unexpected expenses. They can save time and money by avoiding the need to apply for a new loan each time they need more money.

open-end fund | open entry

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
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@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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