If mort is the latin prefix for death, and a gauge is something that you measure things with . . . Is a mortgage a measure of how dead you are?
2007-07-25 02:40:18 · 2 answers · asked by Kelly 3 in Business & Finance ➔ Renting & Real Estate
gage doesn't have anything to do with gauge
gage is an old word for a pledge or promise
Thus: a mortgage is a pledge which dies. A mortgage payment is calculated to pay off all the principle during the term of the loan, as well as covering the interest, as opposed to a term loan where you are only paying interest and, at the end of the loan, you either have to make a balloon payment or refinance.
Note that "mortgage" is frequently used to refer to any type of home loan, but this is a custom of the market place and not the original use of the word.
2007-07-25 02:50:20 · answer #1 · answered by Ted 7 · 1⤊ 0⤋
yes. once you take out a mortgage, its the beginning of the end of life as you once knew it.
2007-07-25 02:47:57 · answer #2 · answered by John M 7 · 0⤊ 0⤋