Who gives who a mortgage?

Chicago (October 3, 2022) - I'm sure you've heard of the word "mortgage."  You know it has something to do with buying or owning a home and borrowing money.  But did you know it's you, the owner, who gives a mortgage to a bank?  You borrow money from a lender and in exchange you give that lender a mortgage on your home.  It is a form of security provided by you to the lender guaranteeing the debt will be repaid.  A mortgage outlines the conditions under which you agree to care for, maintain and occupy the asset that is posted as collateral in exchange for the loan.  So why do we hear it called "a mortgage application" or that "mortgage rates are rising?"  Our collective industries (i.e., real estate, lending and title insurance) commonly misuses the term.  You don't apply for a mortgage and it's not mortgage rates that are rising; you apply for a loan, and more specifically, a loan to purchase real property, and in the current market, the cost of borrowing is going up...and quickly!  So the next time you are considering refinancing your home, you might want to slip into the conversation that you are willing to give the bank a mortgage if they can bring down those interest rates...