A liitle “more” on “mortgage” (sorry, couldn’t resist) …
Comment posted on I’m Mortgaged To Death! by robin643
A liitle “more” on “mortgage” (sorry, couldn’t resist) . . .
You’re right: the mortgage is the pledge that secures a loan made by the mortgagee (the bank) to you (the mortgagor). As you make loan payments to the bank, the principal amount of the loan reduces, or “amortizes,” according to an “amortization” schedule. If your loan is set to amortize over 30 years, the amortization schedule allocates each monthly payment to a combination of principal (the amount that you actually borrowed) and interest (the amount that the bank is charging you for the money that you borrowed). The payments at the beginning of the amortization schedule are allocated almost entirely to interest, so that the principal amount of the loan stays outstanding longer (and the bank makes more money on your loan). When the loan is fully “amortized”—paid in full—then your obligation to the bank, and the mortgage that secured you obligation, have each expired. Perhaps they are laid to rest in the mortgage mortuary.
Recent comments by robin643
- GTW Game X
Yes, you’re right ; I saw “spitting image” later, but not “up my alley” or “hunky dory.” - GTW Game X
How about investigating the origins of the phrases “hunky dory” (as in everything being just fine); “spitting image” (as in two people who look very much alike), and “up my alley” (as in something or particular interest)?
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