Call me silly, but doesnt your mortgage loan sound like?
You are *giving* not “receiving” the loan?
Go with the flow, how can someone give their house to the bank if the bank is paying for the house?
It would not be theirs to give.
Go with the …How can you give something if you do not already own it? If you did already own it, why would you need to give it away to pay for it?
looks as if you need to “polish up” on your understanding as well.
Go with…A car loan is not a fair example because you do not give a “promise to pay”. Does the car dealer give you title/ownership of the car so you can give it back to him until you pay off the loan?
Steve, you wrote “you receive the mortgage”…mortgage defines as dead pledge. Ill just use the word “pledge’ for simple understanding…..Now read “You receive the pledge’. Your statement indicates homeowner is receiving, not giving the pledge.
steve, you wrote…”a lien against the home which *acts* as security…” If a lien is *acting* as security, what is the real security?
Steve does homewoner give bank payments or….deposits?
If payments, then why is a statement sent and not a bill?
Bdancer, I understand mortgage is a dead(mort) pledge(gage). A dead pledge because homeowner is pledging their credit, something of no value until they work to *create* the value for the payments.
Loan and credit are opposite…
With a loan, value is given and expected in return with interest.
But with credit, the value does not come from the credit, it comes from the payments.
Homeowner is working to *create* the value required to recieve their pay.
No indication of value on the contract, and ther promise to pay indicates credit. This means homeowners are paying interest on their own credit, which is just a valueless number representing what the homeowner can pay. Other words, interest is paid on nothing. homeowner has to work to create value for the interest payments on a loan that doesn’t exist.
This would explain the very large amount of profits and bonuses the institutions collect. The institutions are ‘;cashing in” on homeowners credit without losing or giving up an
cont…or giving up anything of value. But dont take my words as 100%accurate, research for yourself.