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LSDefine

Simple English definitions for legal terms

open-end mortgage

Read a random definition: Inchmaree clause

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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starfishies
15:15
i def believe this tho dunno how true it is
starfishies
15:16
i worked blue collar jobs my summers during college and i feel like adm. eat that one essay up
starfishies
15:17
something i like from 1L of a ride is a section focused on who's advice to take and be weary of and the author said something like the least qualified are often the loudest advice givers
starfishies
15:17
so be weary law school forum goers
ronniedoeslaw
15:23
Reading is a form of meditation
15:24
omg im training a new girl tmw to take over my position and she twenny year old
15:25
when i was twenty i was drunk every night!! im nervous who else
NosyBeagle
15:31
real. I am mostly sober now. what a world
15:32
awe congrats i wish i could be sober maybe after law school
@bigfatsloth: Where are you going to attend?
15:44
wake forest unless notre dame accept me last second and offer a kabillion dollars
15:57
Whelp, my second full practice test is through
im mostly sober too
16:06
im ready to cook senior year and then hopefully move to Malibu :)
16:09
slay
16:11
yo yall bouttta miss the washu zoom
NosyBeagle
16:35
im not applying there. yall have fun
Mostlylegal
16:40
dude we getting litty in the washu zoom
Mostlylegal
16:40
thats where all the baddies hangout
Mostlylegal
16:40
just did coke off this one girls tits at the washu zoom, i cant believe people didnt sign up for this shit LMAO
did you hook up with the girl at your gulc interview
Mostlylegal
16:43
bruh I dont do hookups
Mostlylegal
16:43
but thanks for remembering
oh but coke is okay
Mostlylegal
16:56
it is not what goes into the mouth that defiles the man but what comes out of it.
Mostlylegal
16:56
can I get an amen?
NosyBeagle
17:01
AMEN
18:22
yall r some interesting folks in here
18:23
we gonna run some tests on u lot
18:37
ALRIGHT MAN
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