👉 Overmortgaging is a financial term that refers to the practice of borrowing money on top of your existing debt, often at higher interest rates than you would normally be charged. This type of borrowing can be used for various purposes such as renovating or improving your home, buying a property, or any other purpose where you need immediate funds. Overmortgaging is illegal and unethical in many countries, as it violates the principle of fair lending that requires lenders to provide borrowers with reasonable terms and conditions
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What is the definition of Overmortgaging? 🙋
👉 Overmortgaging is a financial practice where individuals or businesses borrow money from a lender to finance their own purchase of property, often in exchange for interest payments. This method involves borrowing against the equity of another person or entity rather than directly purchasing the property itself. The purpose of this overmortgage may be to increase the value of the property being purchased, reduce the cost of financing, or cover potential future expenses.
