home
 
house
OPEN-END MORTGAGE a MORTGAGE under which the MORTGAGOR (borrower) may secure additional funds from the MORTGAGEE (lender), usually stipulating a ceiling amount that can be borrowed. Example: Poole obtains an open-end mortgage to purchase a home. Under the mortgage agreement, Poole may borrow additional funds over the MATURITY of the loan as long as the unpaid PRINCIPAL does not exceed 80% of the home's APPRAISED value.
foreclosures
 
OPEN HOUSE a method of showing a home for sale whereby the home is left open for inspection by interested parties. Example: A BROKER advertises an open house to promote the sale of a LISTING. On the specified date, prospective buyers may inspect the house during the hours of the open house.