explain it to me
2006-10-25 06:15:28 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
When a bank loans you money and keeps title to your real estate, using it as collateral, that's a mortgage. Why the "t" is a quirk of the English language.
2006-10-25 06:24:26 · answer #1 · answered by Anonymous · 0⤊ 0⤋
A mortgage is a loan taken for purchase of a house, paid back monthly. Your house is the collateral for the loan, so if you default on the loan, the lender takes possession of your home.
In the first years of a mortgage, it's structured so that most of the payment is interest on the loan, so you don't pay down the loan very fast. The good news is that interest amount is deductible on your taxes.
2006-10-25 13:24:40 · answer #2 · answered by Anonymous · 0⤊ 0⤋
There are many different types of mortgages. A general decription is a mortgage is a loan on a home. There are mortgages for 1st time home buyers, investment, interests only loan, varible rate mortgages.
Here is a helpful report for Mortgage shoppers.
http://www.freelansinghomeloantips.com/critical_mistakes.aspx
I hope this information is helpful to you.
2006-10-25 13:25:41 · answer #3 · answered by Matthew M 2 · 0⤊ 0⤋
A mortgage is a loan against real property. Car loans are secured against the car, a mortgage is secured against the house.
2006-10-25 13:57:04 · answer #4 · answered by Justin 3 · 0⤊ 0⤋
A mortgage is a house payment of a loan you establish when you purchase your home.
2006-10-25 13:18:16 · answer #5 · answered by Suga 1 · 1⤊ 0⤋
a loan against your home. Usually in a 30 year payback term.
2006-10-25 13:27:21 · answer #6 · answered by ondreforsure 3 · 0⤊ 0⤋
Actually the term mortgage in Latin means "until death" lol..
Maria
2006-10-25 16:22:57 · answer #7 · answered by innovativeinvest@sbcglobal.net 2 · 0⤊ 0⤋
Do you mean a mortgage?
2006-10-25 13:23:44 · answer #8 · answered by liddabet 6 · 0⤊ 0⤋