9:2 Mortgage

When and Where did I Find this Word: I heard this word repeatedly over the past three weeks in discussion with my mortgage broker and my real estate agent. This past Friday, I found out that the mortgage company would not cover the full amount of my load because the appraisal come in much lower than my offer price.

What does the word mean: My own thoughts on a mortgage is a payment or loan on a large payment item such as a home. According to the Merriam-Webster dictionary, a mortgage is "a conveyance of or lien against property (as for securing a loan) that becomes void upon payment or performance according to stipulated terms." http://www.merriam-webster.com/dictionary/mortgage

My familiarity with the word: I have heard the word used by my parents and relatives in the past about the monthly payments that they make. Since I was going to take on a mortgage, I wanted to become more familiar with the meaning, especially because my mortgage was affected by the recent appraisal on the home I was interested in purchasing.

Do I Believe this is a Word that I should Know Well: Yes, I should know this word well because I am going through the process of purchasing a home and should know the vocabulary that goes along with the home  buying process. The chart above shows the interest rates over the past thirty years.

Do You Believe this is a Word You Want Others to Know Well: Yes, others should know this term well because most people do need to take a mortgage out when they purchase a home.