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A
blanket mortgage is a mortgage loan which covers more than one
property owned by the same borrower or or parcel of real estate.
A blanket mortgage can save a lot of time because you don’t have
to get individual mortgages on each piece of property.
For
example, a borrower could use a blanket mortgage that covers
both a primary and a second home. Another example would be
a builder using a blanket mortgage to cover all of the lots in
the builder's subdivision.
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