First bank mortgage Meaning and Definition
First Bank Mortgage
Pronunciation
/ˈfɜːrst ˈbæŋk ˈmɔrɡɪdʒ/
Part of Speech
Noun
Definition
A financial instrument in which a borrower receives a loan from a lender, typically with a fixed interest rate and a set duration for repayment.
Examples
- The couple took out a first bank mortgage to buy their dream home.
- First bank mortgages often come with high interest rates.
Synonyms
- Lien
- Debt
Antonyms
- Treasury
- Asset
Etymology
The term “first bank mortgage” originated in the 18th century as a financial instrument used by banks to make loans to individuals and businesses.
Usage Notes
In formal documents, “first bank mortgage” is typically used to refer to the loan agreement between the borrower and the lender.
Cultural References
The concept of “first bank mortgage” has been featured in various financial dramas and documentaries.
Idiomatic Expressions or Phrases
A “first bank mortgage” is often referred to as a “mortgage loan” or “home loan” in everyday conversations.
Related Words or Phrases
- Loan
- Credit
- Interest
Collocations
- First bank mortgage rate
- First bank mortgage application
- First bank mortgage calculator
Frequency of Use
The term “first bank mortgage” is commonly used in financial contexts, particularly in formal documents and official communications.
Common Misspellings
- First bank mortguge
- First bank morgage
- First bank mortgagee