Mortgage Meaning and Definition
Mortgage
Pronunciation
/ˈmɔːrdɪdʒ/
Part of Speech
Noun
Definition
A loan secured by property that serves as collateral, allowing the borrower to use the property as security for the loan.
Examples
- The couple took out a mortgage to buy their first home.
- The bank granted the businessman a mortgage to finance his new venture.
Synonyms
- Property loan
- Home loan
Antonyms
- Rent
- Lease
Additional Information
Mortgages are often used to finance the purchase of a property, and the interest rates and repayment terms can vary depending on the lender and the borrower’s creditworthiness. Additionally, mortgages can be fixed-rate or adjustable-rate, and may offer features such as cash flow benefits or tax benefits.
Mortgages are regulated by government agencies and laws, and borrowers should carefully review the terms and conditions before signing a mortgage agreement.
Etymology
The word “mortgage” comes from the Old French “mort gage,” meaning “dead pledge,” as the property was essentially “dead” or surrendered to the lender until the loan was repaid.
Usage Notes
Mortgage is often used in financial and real estate contexts, but it can also be used in everyday conversation to refer to the loan itself or the process of obtaining a loan.
Cultural References
Mortgages have been featured in popular culture, such as in films like “The Money Pit” and “The Secret Life of Walter Mitty.”
Idiomatic Expressions or Phrases
“To be mortgaging the future” means to prioritize short-term gains over long-term consequences.
Related Words or Phrases
Other related words or phrases include “foreclosure,” “housing market,” “interest rate,” and “credit score.”
Collocations
Common collocations with the word “mortgage” include “mortgage payment,” “mortgage rate,” and “mortgage broker.”
Frequency of Use
Mortgage is a relatively common term in modern language, especially in financial and real estate contexts.
Common Misspellings
The most common misspellings of the word “mortgage” include “morgage” and “morginage.”