mortgage

[ mawr-gij ]

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.

verb (used with object)

, mort·gaged, mort·gag·ing.

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

/ 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

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

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.

Derived Forms

• ˈmortgageable, adjective

Other Words From

• o·ver·mort·gage verb overmortgaged overmortgaging
• re·mort·gage verb (used with object) remortgaged remortgaging
• sub·mort·gage noun
• un·mort·gage verb (used with object) unmortgaged unmortgaging

Word History and Origins

Origin of mortgage¹

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

Word History and Origins

Origin of mortgage¹

C14: from Old French, literally: dead pledge, from mort dead + gage security, gage ¹

Example Sentences

He once jokingly pointed out that he was far more concerned with making sure his mortgage payments were made than he was with establishing himself as a leader.

From Los Angeles Times

The Fed's key rate - what it charges banks for short-term borrowing - sets a benchmark for lending across the economy, influencing how banks set interest rates for credit cards, mortgages and other loans.

From BBC

Will UK interest rate cut make my mortgage cheaper?

From BBC

However, it warned that mortgage costs could remain "higher for longer" following last week's Budget.

From BBC

Her relationship with her boyfriend has ended and her mortgage is in arrears.

From BBC

Related Words

• contract
• debt