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Given ir Gotten?
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2014/05/27
5:48pm
deaconB
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These days, we talk of finance companies giving a mortgage to buyers of  real estate.  In older literature. though, it was the owner that fave the mortgage on his property to the financier.

When did this change?  Did it coincide with the introduction of amortized mortgages?

2014/05/27
7:57pm
Dick
Fort Worth, TX
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I can’t  answer your question but after looking at a few websites, I am surprised that it is so commonly used improperly.  Some use it properly, though.  People should ask themselves why a lender is called “the mortgage-holder.”  They are holding the mortgage because it was given to them.

2014/05/28
12:22am
Robert
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I am a little surprised that you both seem to say that   a mortgage is given by the borrower to the bank.

A mortgage arises from a deal in which the borrower is in the supplicant position, not one to give.  I think that neither side is giving anything, and that the banks ‘holds’  in the sense that the borrower is beholden to the new (cut throat) responsibility,  like a father tells a son, I’ll hold you to that.

2014/05/28
2:59am
deaconB
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Robert said
I am a little surprised that you both seem to say that   a mortgage is given by the borrower to the bank.

A mortgage arises from a deal in which the borrower is in the supplicant position, not one to give.  I think that neither side is giving anything, and that the banks ‘holds’  in the sense that the borrower is beholden to the new (cut throat) responsibility,  like a father tells a son, I’ll hold you to that.

“Give’ is defined here as “transfers ownership” rather than ‘makes a charitable donation”  There is no charity involved.  The borrower gives a mortgage to the lender.  The lender gives money to the borrower. 

Mortgage companies advertise heavily on TV and in thew newspapers, and wine & dine realtors to steer potential borrowers their way.  If you think borrowers are supplicants, the loan officer “smells” that and tries for a higher interest rate.

2014/05/28
8:27am
Dick
Fort Worth, TX
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Here is a link to The Free Dictionary defining mortgage.  they only define the word and they do it quite properly.  Look at the second paragraph.

I think some people’s mistake comes when they try to use the word “mortgage” the same way as they use the word “loan.”  They are two different things.

http://legal-dictionary.thefreedictionary.com/mortgage

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