Mortgage lender Meaning and Definition
Mortgage Lender
Pronunciation
/ˈmɔːrtɡɪd ˈlɛndər/
Part of Speech
Noun
Definition
A financial institution that provides loans to individuals or organizations to purchase or refinance a property, with the property serving as collateral for the loan.
Examples
- The couple went to see a few mortgage lenders to compare their rates.
- The mortgage lender approved their application for a home loan.
Synonyms
- Financer
- Creditor
Antonyms
- Debtor
- Beneficiary
Etymology
The term “mortgage lender” originates from the practice of mortgaging a property, which dates back to ancient times.
Usage Notes
Mortgage lenders are responsible for ensuring loan applicants can afford their monthly payments, and may require collateral such as property insurance or a higher down payment.
Additional Information
Mortgage lenders offer various types of loans, including fixed-rate and adjustable-rate loans, and may provide additional services such as home equity loans and lines of credit. Before choosing a mortgage lender, research the institution’s reputation, interest rates, and fees.
Cultural References
Mortgage lenders have been featured in popular media, such as films and television shows, often depicted as a key part of the homebuying process.
Idiomatic Expressions or Phrases
“To mortgage” means to secure a loan with a property as collateral, often resulting in significant financial risk.
Related Words or Phrases
- Loan
- Financing
- Credit
Collocations
- Mortgage lender approval
- Home mortgage loan
- Variable rate mortgage
Frequency of Use
The term “mortgage lender” is commonly used in financial and real estate contexts, particularly in the United States.
Common Misspellings
- Morgage Lender
- Morgage lendor