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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 Word Forms
- ··ǰ· verb overmortgaged overmortgaging
- ·ǰ· verb (used with object) remortgaged remortgaging
- ܲ·ǰ· noun
- ܲ·ǰ· verb (used with object) unmortgaged unmortgaging
Word History and Origins
Word History and Origins
Origin of mortgage1
Example Sentences
Trump's clash with the Fed is ostensibly rooted in differences over where the bank should fix its key interest rate, which plays an influential role shaping borrowing costs for credit cards, mortgages and other loans.
"Yorkshire Building Society offers a £5,000 deposit mortgage which does what it says on the tin and could offer a mortgage equivalent to as much as 99% of the purchase price," says Mr Hollingsworth.
But unless you're a first-time buyer or selling your home, Americans are unlikely to be immediately hit by higher mortgage costs, unlike Brits who were securing new shorter-term fixed deals.
"The political bargain has asked younger Canadians to suffer higher rents and mortgages in order to protect those higher home values," Kershaw notes.
That pause, known as mortgage forbearance, would apply only to federally backed loans in areas where a federal disaster declaration has been signed by the president, said Chu, who represents Altadena.
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