Ayesha suggested that I do a blog post about mortgages. I agree with this because it could be invaluable to people who want mortgage or think mortgage but don’t know how or what mortgage. This post will tell you how and what and why and also what mortgage.
A mortgage is when a bank (or other organisation that takes and uses other people’s money) buys a house for you and then you buy it off of them.
The word comes from a combination of the words mortar and gag. Like when you’re having a house shoved down your throat or the house is making you sick.
At first you will probably be doing one of the three other ways of living in a house:
- Living with family or friends for cheaps.
- Living in a stranger’s house and paying them loads.
- Living in a house where you don’t know who owns it and they don’t know you’re there for free.
When one day you realise that you aren’t doing one of these things you will realise that you have a mortgage. Or you are homeless.
Once you have decided yes a mortgage you will need to know how mortgage.
There are different mortgage experiences. To illustrate this we are going to go through the mortgage process from the point of view of two individuals. One is a person and the other is a superstar pop singer.
It is important to buy expensive things with money that you don’t have as it gives you something called “dignity” and makes people respect you.