Mortgage means “Death Pledge”

Op just discovered Law French. After 7 or 8 centuries…

Please don’t give up your day job at Wendy’s.

…many individual Law French terms continue to be used by lawyers and judges in common law jurisdictions.

That would include the USofA

Wait til OP learns there’s a dictionary of such terms, used every day in every courtroom and law office in America.

We were trained as kids and adults as post war Gen Brits, that you earn the money then you buy the thing. The only exception was a mortgage for property. The banking lending and real estate sectors have gradually hyjacked that system too. Is it a coincidence that practically every US president in the last 30 years has been a real estate speculator? By making the interest low and the cost super high for real estate , done by levering the generations against each other and spreading the flipper gold mine myth; the rubes have been convinced to compete with each other for the most basic of needs, housing. The corporates always seem to get their way eventually. Now we mostly rent "our" houses from the bank.

You could have left out your initial clause, and we would still know you’re not American. That’s not the American experience.

Capice?

[Quote] Is it a coincidence that practically every US president in the last 30 years has been a real estate speculator?

No they’re not.

That’s a Brit fever dream…

My originally thirty year mortgage and then refinanced as twenty year mortgage is paid off next year, several years early. Really, I could easily pay it off right now from my checking account, but I like that the property taxes are paid by Chase from the escrow. I’ll have to start doing that next year. I’m glad to pay it off before retirement.

If you’re that far along, why the hell are p.t. still escrowed. Makes no sense

It means you will die before you pay it off

A mortgage has a fixed monthly payment for a set period of time. You can either afford the monthly payment or you can't. It's not rocket science.

Mortgages can be fixed rate or variable rate. The latter’s monthly payment will change as the rate changes.

If full payment of the debt is made the lien of the mortgage will be released. If there is a failure to repay, the lien on the mortgage will be foreclosed upon, and the collateral sold.

FIFY Op

...and then your die

Everyone will die, motragage or no mortgage.

Nope. Those with no mortgage live forever

I paid off two mortgages early. Both rentals. I used the rent money to prepay the mortgages. Due to a house fire, I'm now living in one of my two paid-off properties. It's a very good feeling not to have a mortgage. (Of course, I still have to pay property taxes and homeowner's insurance!) . There's no penalty for prepaying a mortgage and it can save hundreds of thousands of dollars in interest. Some people think it's a bad move, especially if the interest rate is low - but I'm not a dedicated investor, so this was a better thing for me. If you have a strategy, such as paying $100 extra each month towards reducing principal, you can cut down the years of your mortgage by 10 years or more.

You don’t have to pay for insurance. Lol

You can roll the dice.