A “handsel” is a gift given to wish good luck for the year ahead. The word dates back to the 1300s, and derives from “hand” and “selen,” an Old English word meaning gift or donation, a cousin of the word “sell.” A handsel can also be the first instalment of a payment or bond, although we tend to use the less colorful term “first payment.” The word “mortgage” comes from Old French “morgage,” literally “dead pledge,” from mort (dead) and gage (pledge). The term “mortgage” is used interchangeably with “home loan” or “lien” or “deed of trust.” There are technical and legal differences, of course, and it is good for your staff to know the differences. Shifts in terminology aren’t confined to our business, of course. Marketing wizards have determined that people in their 20s and 30s don’t like the term “diet” and have begun replacing soda pop labels with “zero sugar” drinks. But “home ownership” is a term that sticks with us and is easy to understand. It is good for the community, good for the country, and arguably the best wealth-creation strategy for individuals. We know that homeowners spend money (like paint, lawn care, dog food, pizza on Friday night) and serve as economic players in the local community. And of course we know that homeownership can lead to generational wealth. And our industry helps! (During this seasonal quiet time the daily podcast is having some down time but will return Monday, January 3. Earlier versions of the audio are available here; questions about interviews and sponsorships should be directed to Robbie Chrisman.)
Source: Mortgage News Daily