Definition: Common directory name

C:/2nd-mortgage/

Definition: Common directory name

C:/423-Mortgage/

Definition: A special form of secured loan where the purpose of the loan must be specified to the lender, to purchase assets that must be fixed (not movable) property, such as a house or piece of farm land. The assets are registered as the legal property of the borrower but the lender can seize them and dispose of them if they are not satisfied with the manner in which the repayment of the loan is conducted by the borrower. Once the loan is fully repaid, the lender loses this right of seizure and the assets are then deemed to be unencumbered.

Alright class, settle down, let’s take a look! Today we're tackling a word that can seem a bit complex, but it’s really quite straightforward once you break it down. We’re talking about mortgage . Let me rhyme it for you, just to make it stick: “A mortgage is a loan, quite quick!” Now, let’s unpack the dictionary definition – that's a lot of words, I know! But here’s what it really means: Essentially, a mortgage is a special kind of loan. It's not just any old borrowing you might do. It has to be for something specific and important - like buying a home or farmland, you see? Think of it like this: You want a house – a fixed place, can’t move it around, right? You need money to buy it. The lender, the bank, is lending you that money. But they want some security, a guarantee they'll get their money back! That’s where “secured” comes in. This means the house itself becomes the security. You own the house, but the lender has a right to it if you don’t pay on time. It’s called "unencumbered" – meaning without restrictions - once you've paid off the loan, that right disappears. Let’s recap with another little rhyme: “The house is pledged, the payment’s judged!” Key takeaways: Purpose-Driven: Mortgages are always for buying fixed property – houses, farms, land. Secured Loan: The asset (the house) secures the loan. Risk & Reward: If you don't pay back what you borrowed, the lender can take possession of the property to recover their money. Do you have any questions about this? Don’t be shy! Let’s discuss how mortgages work and why they are such a big part of buying a home. Now, who can tell me in their own words what a mortgage is ?

Definition: A special form of secured loan where the purpose of the loan must be specified to the lender, to purchase assets that must be fixed (not movable) property, such as a house or piece of farm land. The assets are registered as the legal property of the borrower but the lender can seize them and dispose of them if they are not satisfied with the manner in which the repayment of the loan is conducted by the borrower. Once the loan is fully repaid, the lender loses this right of seizure and the assets are then deemed to be unencumbered.

Alright class, settle down now, let’s dive into today's show! We’re tackling ‘mortgages,’ a word that can seem quite grand, But let’s break it down with a rhyme, so you understand. Think of it like this: You want a home, it’s true, A place to rest and build your life anew. A mortgage is a loan, a special kind you see, To buy fixed property – like a house, for you and me! It's secured , that means the lender has a claim, Protecting their investment, it’s part of the game. You tell them clearly what you plan to do, Like buying this house, shiny and new! The property’s registered, legally it’s yours, But if repayments falter, behind closed doors... The lender can step in, with a serious plea, To reclaim the asset – that's their right, you agree! "Unencumbered” is the key, when the loan is paid, The lender releases it, no longer swayed. It’s like unlocking chains, setting the property free, No longer subject to their ownership decree! So remember this rhyme, let it stick in your head, A mortgage secures a home, carefully led. Do you have any questions? Don't be shy, let's explore, Mortgages and finance – knowledge we adore!