Outrageously Funny Word Dictionary :: Mortgage

👉 A special form of secured loan where the purpose of the loan must be specified to the lender, to purchase assets that must be fixed (not movable) property, such as a house or piece of farm land. The assets are registered as the legal property of the borrower but the lender can seize them and dispose of them if they are not satisfied with the manner in which the repayment of the loan is conducted by the borrower. Once the loan is fully repaid, the lender loses this right of seizure and the assets are then deemed to be unencumbered.

Alright class, settle down, let’s take a look! Today we're tackling a word that can seem a bit complex, but it’s really quite straightforward once you break it down. We’re talking about mortgage . Let me rhyme it for you, just to make it stick: “A mortgage is a loan, quite quick!” Now, let’s unpack the dictionary definition – that's a lot of words, I know! But here’s what it really means: Essentially, a mortgage is a special kind of loan. It's not just any old borrowing you might do. It has to be for something specific and important - like buying a home or farmland, you see? Think of it like this: You want a house – a fixed place, can’t move it around, right? You need money to buy it. The lender, the bank, is lending you that money. But they want some security, a guarantee they'll get their money back! That’s where “secured” comes in. This means the house itself becomes the security. You own the house, but the lender has a right to it if you don’t pay on time. It’s called "unencumbered" – meaning without restrictions - once you've paid off the loan, that right disappears. Let’s recap with another little rhyme: “The house is pledged, the payment’s judged!” Key takeaways: Purpose-Driven: Mortgages are always for buying fixed property – houses, farms, land. Secured Loan: The asset (the house) secures the loan. Risk & Reward: If you don't pay back what you borrowed, the lender can take possession of the property to recover their money. Do you have any questions about this? Don’t be shy! Let’s discuss how mortgages work and why they are such a big part of buying a home. Now, who can tell me in their own words what a mortgage is ?

👉 A special form of secured loan where the purpose of the loan must be specified to the lender, to purchase assets that must be fixed (not movable) property, such as a house or piece of farm land. The assets are registered as the legal property of the borrower but the lender can seize them and dispose of them if they are not satisfied with the manner in which the repayment of the loan is conducted by the borrower. Once the loan is fully repaid, the lender loses this right of seizure and the assets are then deemed to be unencumbered.

Alright class, settle down now, let’s dive into today's show! We’re tackling ‘mortgages,’ a word that can seem quite grand, But let’s break it down with a rhyme, so you understand. Think of it like this: You want a home, it’s true, A place to rest and build your life anew. A mortgage is a loan, a special kind you see, To buy fixed property – like a house, for you and me! It's secured , that means the lender has a claim, Protecting their investment, it’s part of the game. You tell them clearly what you plan to do, Like buying this house, shiny and new! The property’s registered, legally it’s yours, But if repayments falter, behind closed doors... The lender can step in, with a serious plea, To reclaim the asset – that's their right, you agree! "Unencumbered” is the key, when the loan is paid, The lender releases it, no longer swayed. It’s like unlocking chains, setting the property free, No longer subject to their ownership decree! So remember this rhyme, let it stick in your head, A mortgage secures a home, carefully led. Do you have any questions? Don't be shy, let's explore, Mortgages and finance – knowledge we adore!

👉 In real estate, a mortgage is a loan that allows a borrower to use part of their income or equity as collateral to finance a purchase or construction project. The lender agrees to provide the funds in exchange for a security interest in the property securing the loan. Mortgagers are individuals who are able to borrow money from a lender and then use the proceeds from the sale of their home or other assets to make payments on the mortgage. They typically have the option to pay off the mortgage early,

mortgagers

👉 A person who borrows money from another to pay back a debt.

mortgager

👉 Mortgagees are individuals or entities who borrow money to purchase a property, such as a house. They typically have the right to keep the proceeds of the sale of their property until it is paid off in full. The terms and conditions of these mortgages can vary depending on the type of mortgage and the specific circumstances of each case.

mortgagees

👉 A mortgagee is a person who has an interest in a property, such as a house or land. They have rights over the property and can sue to recover possession of it if they do not receive payment on their debt. In a legal context, a mortgagee typically refers to the owner of the property, while a mortgagee is the party that holds a mortgage over the property. The mortgagee has the right to foreclose upon the borrower's failure to pay off the loan or otherwise violate

mortgagee

👉 Mortgaged is a legal document that transfers ownership of property from one person to another. It typically describes the sale or exchange of an asset, such as a mortgage on real estate, and involves a specific process where the buyer pays off the debt by paying back the amount owed and transferring possession of the property to the new owner.

mortgaged

👉 The term "mortgageable" refers to a financial institution or individual who is able to repay a loan with interest. This means that the borrower, as well as the lender, has the ability to pay back the loan in the future without having to make any additional payments. In other words, the borrower can either pay off the loan completely or make minimum payments over time. The term "mortgageable" is often used in financial institutions and mortgage lending programs to describe individuals who are able to

mortgageable

👉 The slang term you're asking about is "mortgage qualifier" – that phrase is a bit of a mouthful. It refers to a person who has good credit but doesn't qualify for the traditional mortgage loan because they have too much debt, usually in excess of what the lender can afford to cover.

An example sentence would be: "I'm so glad I asked the mortgage qualifier how long my underwater mortgage is!"

👉 The "mortgage 2 million dollar home" is a phrase that has become popular among young people. It means that they own a large house worth $2 million and can afford to live in it for a long time without worrying about the debt.

An example of how this slang might be used could be: "Hey, I just bought my dream house - 2 million dollars! No worries, because I've got a mortgage that's worth twice as much!"