Definition: The word "mortgage" can be used to refer to a loan or debt, but it does not have an explicit definition in terms of appraisals. In general, "mortgage" refers to loans made by banks and other financial institutions for the purchase or renovation of property. The term is often associated with the process of securing a mortgage, which involves providing evidence of income and assets as collateral for the loan amount, which typically includes the total value of the property being financed. The word "without appraisal" is used in some legal contexts to refer to an agreement that does not include any form of assessment or inspection. This can be a common practice when there is uncertainty about the quality or condition of the property or its title. In more specific terms, the term "mortgage without appraisal" might refer to a situation where a borrower chooses not to undergo an appraiser's appraisal on their mortgage loan to avoid any potential misrepresentation in the process. This could be because the borrower believes that the loan is secure and does not need to worry about any issues related to its value or condition. In summary, "mortgage" can refer to loans made by banks and other financial institutions for the purchase of property, but it is not explicitly associated with an appraisal process. The term "without appraisal" is used in legal contexts to describe a situation where there is no form of inspection or assessment involved, potentially resulting from uncertainty about the loan's quality.
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