Mortgage

General   Sun Jan 18, 2009 3:42 am GMT
Why does it mean when somebody has a mortgage and has to pay it?
Uriel   Sun Jan 18, 2009 7:13 am GMT
A mortgage is a type of loan used to buy a house. You have to pay the bank back for the loan, of course.
Robin Michael   Sun Jan 18, 2009 8:03 am GMT
WikiAnswers - What is the meaning of the word mortgage

Answer
I believe Mort is a French word meaning "death" and gage means "pledge or agreement" So the meaning of the word Mortgage is an "agreement till death."


Amortise | A-Z of financial terms |

This is MoneyTo pay off a debt in instalments, such as a mortgage or loan.

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Like a lot of things, you can have a simple explanation, or a more complicated explanation. Sometimes the more complicated explanation just confuses, and sometimes it helps to make the explanation more interesting.

A mortgage is something to do with the 'life' of the loan. When the 'loan' is paid off, the agreement comes to an end.

Typically a mortgage for a house will be over a period of twenty / twenty five years. So, if you make regular payments you will pay off the debt in twenty / twenty five years.

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'Amortise' is an unusual word, and it describes a slightly different financial concept.

Amortization or amortisation is the process of decreasing, or accounting for, an amount over a period of time. The word comes from Middle English amortisen to kill, alienate in mortmain, from Anglo-French amorteser, alteration of amortir, from Vulgar Latin admortire to kill, from Latin ad- + mort-, mors death. Particular instances of the term include:


Amortization - Wikipedia, the free encyclopedia20 Nov 2008 ... Amortization or amortisation is the process of decreasing, or accounting for, an amount over a period of time. The word comes from Middle ...
en.wikipedia.org/wiki/Amortize - 21k - Cached - Similar pages
Uriel   Sun Jan 18, 2009 8:31 am GMT
Mortgages tend to run 30 years in the US. Guess they want to eke more money out us over here. 15 is also common, if you have enough disposable income to make the higher monthly payments -- saves you lots of extra interest in the long run.
we'll save you   Mon Jan 19, 2009 12:07 am GMT
The important thing about a mortgage is that the home is used as security by the bank or financial institution giving out the loan. So the lender's name is also registered on the title as a mortgagee.

If you are unable to make the repayments, the property can be repossessed and you could lose your home.