Definition: The word "mortgage unlimited" refers to a situation where a borrower can obtain a mortgage even before they have made any financial plans or savings contributions. This means that a borrower does not need to make any initial payments in order to secure a loan, which allows them to start saving money for a home without the burden of paying off a large amount of debt at once. In other words, if a borrower has sufficient income and saves enough money, they can access a mortgage as soon as they are ready. This can be particularly beneficial for borrowers who are in need of financing for a new home or investment property, or who have multiple debts to pay off that require consistent monthly payments. However, it's important to note that this is not always possible and there may be additional costs associated with the initial loan application process. Additionally, some mortgage lenders may have their own eligibility requirements or limits on how much can be borrowed at once, so it's a good idea to check with your lender before applying for a mortgage to avoid any potential surprises down the road.
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