3 Answers
You NEVER pay your mortgage. You PAY the loan to the financial institution.
A mortgage is some written instrument you sign pledging your house as collateral and agree to abide by the covenants set forth by the lender.
A person pledging the house as collateral is a Mortgagor (one who gives or giver or mortgagor). The bank then becomes the entity that receives your mortgage, or pledge, or a Mortgagee (one to receive ends is "ee"). Do NOT confuse the two.
| 14 years ago. Rating: 2 | |
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