👉 The rocket mortgage classic is a term that describes a type of loan where the borrower borrows against their own personal assets without any collateral backing it. This can mean anything from owning your car or boat to having a house outright. The idea behind this is that by borrowing money on top of what you already owe, the borrower can avoid paying back the full amount of their loan and instead make additional payments towards the debt.
And here's an example sentence using it: "Hey there! You know how you always hear about these 'rocket mortgage' loans where people buy a house without any down payment? Well, guess what? It turns out these classic loans actually have some pretty peculiar rules when it comes to how they're structured. For instance, the person who gets this loan has to pay off the full amount of their debt every year! That means if you're paying off your mortgage over 20 years, you'll only end up paying $29,860 in interest over that time period." This sentence is edgy because it uses a metaphorical comparison with a classic rock song's refrain and implies the loan terms are strange or unconventional. It also hints at some degree of surrealism by suggesting there might be some dark secrets lurking behind these rules.
