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The difference between ordinary and extraordinary is practice.
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Legal Definitions - mortgaging out
Law school: Where you spend three years learning to think like a lawyer, then a lifetime trying to think like a human again.
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Definition of mortgaging out
Definition: Mortgaging out refers to the practice of financing 100% of the purchase price of a real property.
Example: John wants to buy a house worth $300,000. He doesn't have enough money to pay for it in cash, so he decides to mortgage out. He borrows $300,000 from a bank or a lender and pays it back over a period of time with interest.
Explanation: Mortgaging out is a common practice among homebuyers who don't have enough money to pay for a property in cash. By mortgaging out, they can purchase a property without having to save up for years. However, it's important to note that mortgaging out comes with interest rates and fees, which can add up over time.
Ethics is knowing the difference between what you have a right to do and what is right to do.
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Simple Definition
Term: Mortgaging Out
Definition: Mortgaging out is when someone buys a house or property by borrowing all the money they need to pay for it. This means they don't have to save up a big chunk of money before they can buy the property. Instead, they make regular payments to the bank or lender over a long period of time until they have paid back the full amount plus interest.
The law is a jealous mistress, and requires a long and constant courtship.
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