Although the word “mortgage” comes from the Middle Ages (it means “death pledge” in Old French, referring to the borrower’s pledge to remain on his property until he dies), the idea of a mortgage goes back way further in time. One of the oldest records of mortgage law, for example, is called the Manusmrti. At least 2,000 years old, the Manusmrti or “Code of Manu” lays out ethical lending practices and calls out unethical ones. Though much has changed since ancient times, mortgages are still around and aren’t going anywhere anytime soon.
The best mortgage lenders tend to favor the borrowers who show the best signs of maturity and responsibility. In order to guarantee the best home