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Open-end mortgages work similar to a home equity line of credit, but you can only use the drawn funds for upgrades to your property. Few mortgage lenders offer open-end loans. There are other loan ...
An open-end mortgage allows you to borrow additional money on the same loan at a later date. An open-end mortgage blends some qualities of a traditional mortgage with some features of a home ...
A mortgage loan or simply mortgage (/ ˈ m ɔːr ɡ ɪ dʒ /), in civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged.
Home equity loans come in two types: closed end (traditionally just called a home-equity loan) and open end (a.k.a. a home equity line of credit (HELOC)). Both are usually referred to as second mortgages, because they are secured against the value of the property, just like a traditional mortgage.
The word is a Law French term meaning "dead pledge," originally only referring to the Welsh mortgage (see below), but in the later Middle Ages was applied to all gages and reinterpreted by folk etymology to mean that the pledge ends (dies) either when the obligation is fulfilled or the property is taken through foreclosure. [1]
mortgage document More often than not, you're dealing with terms and conditions on various mortgage types that may be so difficult to understand that you just want to pull out your hair.
A variable-rate mortgage, adjustable-rate mortgage (ARM), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets. [1] The loan may be offered at the lender's standard variable rate/base rate. There may be a direct ...
A mortgage is a long-term loan from a financial institution that helps you purchase a home, with the home itself serving as collateral. ... Mortgages are also secured loans, meaning that they are ...