07 – Your Home Loan – how it happens
When you fill in a loan application, you write all your details and particularly your ability to repay – THAT IS YOUR PROMISSORY NOTE The bank cashes that into Fidelity https://quotes.fidelity.com/webxpress/get_quote?QUOTE_TYPE=D&SID_VALUE_ID=FZFXX&dqlink=gql That amount, say $300,000 for a home loan, is then put into your account. The Bank leads you to believe that they have lent you the money – a lie. Then you will recive a notice that your “loan” has been approved, and you are asked to sign a Mortgage _(“Mort” = death and “gage” to engage or grip”) That mortgage always attracts interest, so over 30 years you end up paying back over $1 million. Who gets it ??
The Bank doesn’t want to wait 30 years so they “securitise” your loan – ie they sell it to the International banking families who have been around for centuries. They don’t mind waiting as there are millions of loans and now you may understand how they have such incredible wealth. If you are fortunate enough to pay your loan out by some means, the bank cannot give you your Certificate of Title back – because they don’t have it. It is probably in the vault of some International banking family, or the Vatican. That’s how it works.