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Blanket Mortgage

A blanket mortgage is a single mortgage covering two or more pieces of land financed by the same borrower. Rather than mortgaging each real property separately, a blanket mortgage can be used to reduce costs and save time.

One can use a blanket mortgage to access the equity in the current home to pay for the down payment and closing costs on a new home. This enables the borrower to potentially purchase a new home before the current house sells.

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