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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.
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.
Martha Barnette
Grant Barrett
Grant Barrett
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