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mortgage
[ mawr-gij ]
noun
- a conveyance of an interest in real property as security for the repayment of money borrowed to buy the property; a lien or claim on property such that the lender can take possession if the loan is not repaid.
- the deed by which such a transaction is effected.
- the rights conferred by such a transaction, or the state of the property conveyed: I own a house under mortgage.
The bank holds a mortgage on his farm.
I own a house under mortgage.
- the total loan obtained or the periodic installment to be paid under such a transaction:
They took out a $500,000 mortgage.
- the obligation to repay such a loan; the debt incurred.
- an advance obligation or pledge, usually involving some risk:
Without good maternity care, some babies will be born with a long-term mortgage on their future health.
verb (used with object)
- to convey or place (real property) under a mortgage.
- to place under advance obligation; to pledge, usually taking on some risk:
to mortgage one's life to the defense of democracy.
mortgage
/ ˈɔːɡɪ /
noun
- an agreement under which a person borrows money to buy property, esp a house, and the lender may take possession of the property if the borrower fails to repay the money
- the deed effecting such an agreement
- the loan obtained under such an agreement
a mortgage of £48 000
- a regular payment of money borrowed under such an agreement
a mortgage of £247 per month
verb
- to pledge (a house or other property) as security for the repayment of a loan
adjective
- of or relating to a mortgage
a mortgage payment
mortgage
- A legal agreement that creates an interest in real estate between a borrower and a lender. Commonly used to purchase homes, mortgages specify the terms by which the purchaser borrows from the lender (usually a bank or a savings and loan association ), using his or her title to the house as security for the unpaid balance of the loan.
Derived Forms
- ˈǰٲ, adjective
Other 51Թ Forms
- ··ǰ· verb overmortgaged overmortgaging
- ·ǰ· verb (used with object) remortgaged remortgaging
- ܲ·ǰ· noun
- ܲ·ǰ· verb (used with object) unmortgaged unmortgaging
51Թ History and Origins
51Թ History and Origins
Origin of mortgage1
Example Sentences
According to Leo Peak, a real estate agent at Peak Family Real Estate Group, many homeowners are currently feeling the "golden handcuffs" effect of being locked into their homes by historically low mortgage rates.
Cutting them would make some kinds of mortgages cheaper, although cash savers would probably get a lower return on cash savings.
I had bought a house and had a mortgage.”
“The key, as we’ve mentioned, is just to not get to a point to where it becomes so overwhelming that it starts affecting your other debt” like car loans or mortgages, Lupo said.
UK interest rates dictate the costs households have to pay to borrow money for things such as mortgages, credit cards and loans.
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