mortgage

American  

[mawr-gij] / ˈmɔr gɪdʒ /

noun

1. 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.

2. the deed by which such a transaction is effected.

3. 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.

4. the total loan obtained or the periodic installment to be paid under such a transaction.

   They took out a $500,000 mortgage.

5. the obligation to repay such a loan; the debt incurred.

6. 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.

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verb (used with object)

mortgaged, mortgaging

1. to convey or place (real property) under a mortgage.

2. to place under advance obligation; to pledge, usually taking on some risk.

   to mortgage one's life to the defense of democracy.

mortgage British  

/ ˈmɔːɡɪdʒ /

noun

1. 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

2. the deed effecting such an agreement

3. the loan obtained under such an agreement

   a mortgage of £48 000

4. a regular payment of money borrowed under such an agreement

   a mortgage of £247 per month

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verb

1. to pledge (a house or other property) as security for the repayment of a loan

adjective

1. of or relating to a mortgage

   a mortgage payment

mortgage Cultural  

1. 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.

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Other Word Forms

• mortgageable adjective
• overmortgage verb
• remortgage verb (used with object)
• submortgage noun
• unmortgage verb (used with object)

Etymology

Origin of mortgage

First recorded in 1350–1400; earlier morgage, Middle English, from Old French mortgage, equivalent to mort “dead” (from Latin mortuus ) + gage “pledge”; gage ¹

Example Sentences

“Even if the Fed lowers policy rates to stimulate the economy, borrowers may not get as much benefit from this on new mortgages or even with auto financing, which covers two- to five-year periods.”

From MarketWatch

A Treasury curve that remains steeper around the same time the Fed is ready, or expected, to cut rates translates into a more difficult time for consumers or businesses looking for mortgages or long-term loans.

From MarketWatch

Michael Burry, the entrepreneur who gained fame for spotting the 2008 subprime mortgage crisis, fanned fears on Monday as he flagged a possible "death spiral" for bitcoin.

From Barron's

Do I take out a $400K mortgage or use my Roth IRA?

From MarketWatch

The UK's biggest mortgage lender said the average UK property price rose to £300,077 in January - describing it as a "milestone" and potentially daunting for first-time buyers.

From BBC

Related Words

• contract
• debt