- a conveyance of an interest in property as security for the repayment of money borrowed.
- the deed by which such a transaction is effected.
- the rights conferred by it, or the state of the property conveyed.
- Law. to convey or place (real property) under a mortgage.
- to place under advance obligation; pledge: to mortgage one's life to the defense of democracy.
Origin of mortgage
- to take out a new or different mortgage on a property
- 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 agreementa mortgage of £48 000
- a regular payment of money borrowed under such an agreementa mortgage of £247 per month
- to pledge (a house or other property) as security for the repayment of a loan
- of or relating to a mortgagea mortgage payment
Word Origin and History for remortgage
late 14c., morgage, "conveyance of property as security for a loan or agreement," from Old French morgage (13c.), mort gaige, literally "dead pledge" (replaced in modern Frech by hypothèque), from mort "dead" (see mortal (adj.)) + gage "pledge" (see wage (n.)). So called because the deal dies either when the debt is paid or when payment fails. Old French mort is from Vulgar Latin *mortus "dead," from Latin mortuus, past participle of mori "to die" (see mortal (adj.)). The -t- restored in English based on Latin.
late 15c., from mortgage (n.). Related: Mortgaged; mortgaging.
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.