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Where does mortgage money come from?
Mortgage lenders get their money from banks, also known as investors. Unlike banks and credit unions, most lenders do all their own loan processing, underwriting and closing functions “in–house.” They can take care of the entire process with internal staff.
Is the one who lends a mortgage?
A mortgagee is a lender: specifically, an entity that lends money to a borrower for the purpose of purchasing real estate. In a mortgage transaction, the lender serves as the mortgagee and the borrower is known as the mortgagor.
How are mortgages created?
As a result of the Law of Property Act 1925, a legal mortgage over land is now normally created by a document creating a “charge by deed expressed to be by way of legal mortgage” rather than by the mortgagor transferring the legal title to the land to the mortgagee. …
What is the origin of the word house?
The English word house derives directly from the Old English hus meaning “dwelling, shelter, home, house,” which in turn derives from Proto-Germanic husan (reconstructed by etymological analysis) which is of unknown origin.
Who is a mortgage paid to?
When you get a mortgage, your lender gives you a set amount of money to buy the home. You agree to pay back your loan – with interest – over a period of several years. You don’t fully own the home until the mortgage is paid off.
What is the root word of mortuary?
In the Romance languages, the most common words for “death” and “dead” are usually derived from the corresponding Latin words mortis and mortuus. For example, the French word for “death” is mort, and the Portuguese word for “dead” is morto. The English word “mortuary” comes from the same root, which is no surprise.
What does the root word in mortgage mean?
Mortgage. “Word nerds will notice an eerie root word in ‘mortgage’ — ‘mort,’ or ‘death,'” Weller writes. ” The term comes from Old French, and Latin before that, to literally mean ‘death pledge.'” That may seem a little severe. After all, the home you’ve bought is somewhere you’re going to live.
What does the word ‘mort’ mean?
“Word nerds will notice an eerie root word in ‘mortgage’ — ‘mort,’ or ‘death,'” Weller writes. ” The term comes from Old French, and Latin before that, to literally mean ‘death pledge.'” That may seem a little severe. After all, the home you’ve bought is somewhere you’re going to live.
What is the origin of the word mortify?
The English word “mortify” also traces back to Latin by way of Old French. At one time the word meant to die. The word was used most often in the context of gangrene, when parts of the body die. For example, if your toes suffered a serious frostbite, then you had to be careful not to let the toes mortify.