Definition: Sure, I can explain it for you. "Mortgage" is a loan or debt that involves making payments to someone else to pay back money borrowed from them, often with interest. The payment term varies based on the type of mortgage, such as fixed-rate mortgages, adjustable-rate mortgages, or home equity loans and lines of credit. In this case, the borrower has paid off $2500 per month for a certain amount of time (often called "the loan period"). This means they are making monthly payments to cover interest on their loan. The term refers to how much money is owed each month to repay in full or principal and interest over a specific duration. The word "mortgage" was coined by the 19th-century British English writer Charles Dickens, who used it as a shorthand for "the sum of all the debts that you have on your credit report." It has since been popularized across many cultures around the world, often with other words to fit different contexts.
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