| rdfs:comment | - Mortgage is a system of using real estate to secure repayment of a loan. Sometimes, in day-to-day talk, mortgage, depending on the context, simply indicates a mortgage loan; a type of loan to raise finance to buy a residential property.
- A mortgage is loan for buying a specific thing, like a house. The item purchased is the collateral for the loan. That is, if the loan is not paid back, the lender can follow a process to take the house instead of monetary payback. In the U.S., home mortgages are generally designed for 10, 15, 20 or 30 years. The initial payments are primarily applied to the interest that will be owed rather than the principle, or amount borrowed. Some people argue that since most people no longer live in the same place that long, that mortgages should generally be for the shorter terms.
- Mortgage is the rent people pay to live in the bank's house.
- 1390, [[w:|]][[Category: derivations|Mortgage]] mortgage, from mort (“‘dead’”) + gage (“‘pledge’”). Verb attested 1467.
- A mortgage is a type of loan available at conventional banking establishments. Mortgages are often taken out in order to purchase a house, but Lyrans could sometimes take out mortgages to pay for college, especially when they send multiple kids to college. The Guilmain family took out a mortgage in order to send Mandy Guilmain and her sisters, Cindy and Sandy, to college and later, medical and dental school respectively. (Star Trek: The Stoneship Files: "Educational Armageddon")
- The player will have to pay several mortgages before it is all paid off, and it increases in both payment and size of renovation each time. After the mortgage is paid off, the player can choose to when expand their house in Animal Crossing: New Leaf, but Tom Nook will insist in Animal Crossing, Wild World, and City Folk. After the player pays off the mortgage once, it goes up. Tom Nook will eventually say he can not expand any more. In Animal Crossing, after the player completes their mortgage, they will have a statue put up in front of the train station. In Animal Forest e+ when done, they get a private island. In City Folk, after the player completes their mortgage, he will give the player a customizable flag on a flagpole. There is no due date or interest so players can take their time.
- The practice of securing property for payment of money in English law dates back to Anglo-Saxon England. The word mortgage is of French origin and translated as dead pledge, because the peasant class are expected to work themselves to death trying to pay off their mortgages. Historically the lender kept the deeds to the property until the debt is fully repaid by the borrower, these days the borrower gets to pretend that the property is theirs but the lender can rob it back off them if the borrower fails to keep up repayments.
- A mortgage (from the legal French for dead pledge) is a security interest under common law that was developed out of the law of equity and the ownership of real property in fee simple. It now also has applications in the law of personal property, particularly motor vehicles, aircraft, boats and ships. In modern use, it is treated as a charge. Although there is a similar instrument under a civil code, the hypotec, the two are distinctly different and have important differences.
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| abstract | - Mortgage is a system of using real estate to secure repayment of a loan. Sometimes, in day-to-day talk, mortgage, depending on the context, simply indicates a mortgage loan; a type of loan to raise finance to buy a residential property.
- A mortgage is loan for buying a specific thing, like a house. The item purchased is the collateral for the loan. That is, if the loan is not paid back, the lender can follow a process to take the house instead of monetary payback. In the U.S., home mortgages are generally designed for 10, 15, 20 or 30 years. The initial payments are primarily applied to the interest that will be owed rather than the principle, or amount borrowed. Some people argue that since most people no longer live in the same place that long, that mortgages should generally be for the shorter terms.
- Mortgage is the rent people pay to live in the bank's house.
- The practice of securing property for payment of money in English law dates back to Anglo-Saxon England. The word mortgage is of French origin and translated as dead pledge, because the peasant class are expected to work themselves to death trying to pay off their mortgages. Historically the lender kept the deeds to the property until the debt is fully repaid by the borrower, these days the borrower gets to pretend that the property is theirs but the lender can rob it back off them if the borrower fails to keep up repayments. Up until the 1980s the mortgage was an obscure financial mechanism unfamiliar to the majority of common people on the street. Mortgages became big business in the early 1980s when the neo-conservatives came to power in the US and the UK. Margaret Thatcher, Ronald Regan and their cabal of evil capitalists devised the "home owner revolution" as a way of subjugating the working masses into bonded servitude.
- The player will have to pay several mortgages before it is all paid off, and it increases in both payment and size of renovation each time. After the mortgage is paid off, the player can choose to when expand their house in Animal Crossing: New Leaf, but Tom Nook will insist in Animal Crossing, Wild World, and City Folk. After the player pays off the mortgage once, it goes up. Tom Nook will eventually say he can not expand any more. In Animal Crossing, after the player completes their mortgage, they will have a statue put up in front of the train station. In Animal Forest e+ when done, they get a private island. In City Folk, after the player completes their mortgage, he will give the player a customizable flag on a flagpole. There is no due date or interest so players can take their time. Mortgages are never paid to Tom Nook directly, but rather paid into the ABD or with the teller in the Post Office or Town Hall. Additionally, if Pelly is present when the mortgage is paid off, she can be seen in the background applauding the player's efforts.
- 1390, [[w:|]][[Category: derivations|Mortgage]] mortgage, from mort (“‘dead’”) + gage (“‘pledge’”). Verb attested 1467.
- A mortgage (from the legal French for dead pledge) is a security interest under common law that was developed out of the law of equity and the ownership of real property in fee simple. It now also has applications in the law of personal property, particularly motor vehicles, aircraft, boats and ships. In modern use, it is treated as a charge. Although there is a similar instrument under a civil code, the hypotec, the two are distinctly different and have important differences. A mortgage is at its heart a particular type of loan agreement that takes place between the lender, the mortgagor, and the borrower, the mortgagee. It always involves a piece of real property or personal property to which the charge attaches. It has several key features:
* On default of payment of the loan, the lender may force the sale of the pledged property to pay the loan and any associated costs, with the surplus going to the borrower.
* In the alternative, the lender may, at their sole discretion, instead take posession of the property and become the registered owner (foreclosure)
* However, if the lender forecloses, the borrower may make a request in court that the property be sold instead (a request for sale). However, if there is a shortfall, the borrower must make up the difference.
* In the alternative, if the lender attempts to foreclose or sell, the borrower may request to redeem - pay off the entire amount owing under the mortgage in it's entirety. However, mortgages have several different forms, and there are even important differences between common law jurisdictions. For example, many states only allow non-recourse mortgages, where if there is a shortfall in the sale price of the property, the lender may not pursue the borrower for the difference. In most cases, a mortgage requires monthly payments of interest and principle, but all mortagages have a maturity date on which they must be paid in full. Sometimes, this is at the end of the amortization period (the total series of monthly payments), but others are for a term of one to five years where the amortization period is longer and the borrower must pay off the entire amount at the end of the term (usually by negotiating a new mortgage). The lender may always assign the rights under the mortgage to another party, unless there is a term in the mortgage the prohibits this.
- A mortgage is a type of loan available at conventional banking establishments. Mortgages are often taken out in order to purchase a house, but Lyrans could sometimes take out mortgages to pay for college, especially when they send multiple kids to college. The Guilmain family took out a mortgage in order to send Mandy Guilmain and her sisters, Cindy and Sandy, to college and later, medical and dental school respectively. (Star Trek: The Stoneship Files: "Educational Armageddon")
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