Interesting tidbit from Property Law, which may be obvious to home-owners. (I don’t own a home.)
Often we hear people say they have a mortgage, or they’re going to get a mortgage. But, they actually give a mortgage as collateral to get a loan.
Definition:
A charging of real property by a debtor to a creditor as a security for a debt (esp. one incurred by the purchase of property), on the condition that it shall be returned on payment of the debt within a certain period.
I just saw in the news that mortgage applications have fallen for the fifth week in a row.