I still have a hard time understanding what a mortage is!
2007-03-01 06:33:27 · 9 answers · asked by cherokeeindians_2001 1 in Business & Finance ➔ Renting & Real Estate
A Mortgage is basically your monthly payment on a home loan.
2007-03-01 06:36:57 · answer #1 · answered by Shmesh 3 · 0⤊ 1⤋
A mortage is like a loan. If you dont have enough money to buy something you get a loan. Then every month you have to pay them back with interest, since they let you barrow money!!!! Look in a dictionary or go to google for more info if u r still confused!!!! Good Luck!!!
2007-03-01 06:38:17 · answer #2 · answered by jessicas127 5 · 0⤊ 0⤋
Houses are worth a lot of money. People can't afford them. Banks are willing to loan you money to buy a home. Just like when the bank loans you money to buy a car. A "mortgage" is another word for the loan that the bank gives you for a home.
2007-03-01 06:46:49 · answer #3 · answered by Tim 6 · 0⤊ 0⤋
A mortgage is A temporary, conditional pledge of property to a creditor . Such as a home loan. Which means you don't pay them back you don't get to keep it.
2007-03-01 06:45:36 · answer #4 · answered by melinda b 2 · 0⤊ 0⤋
Hate to spoil the fun here but the term mortgage is often used incorrectly as displayed in the responses given. A "mortgage" is your pledge of property as collateral to a creditor as security for repayment of a debt. The "note" is the actual loan.
2007-03-01 06:56:41 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Essentially, it's the bank's lien on a house that someone is buying over a period of time to ensure that the person pays the entire balance of the cost of the home.
2007-03-01 06:38:48 · answer #6 · answered by chadbme2003 1 · 0⤊ 0⤋
the word mortgage is a french word, which means to "put to death"
This is what a loan is, such as for a house. It is a payment schedule that pays down or "puts to death" the amount borrowed plus any costs of borrowing, like interest.
2007-03-01 06:39:13 · answer #7 · answered by Cabana C 4 · 0⤊ 0⤋
Mortagage is technically your home loan. You have to pay it off in order for you to own your home out right.
2007-03-01 06:37:03 · answer #8 · answered by Anonymous · 0⤊ 0⤋
it's a long term loan you use to buy a home.
2007-03-01 06:36:49 · answer #9 · answered by a heart so big 6 · 1⤊ 0⤋
its a payment you make over 25 years for a house instead of payin all at the one time =D
2007-03-01 06:37:01 · answer #10 · answered by Anonymous · 0⤊ 2⤋