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

The impact for homeowners is that fixed mortgage rates have actually been creeping up, despite the latest interest rate cut.

From BBC

He said he views tariffs mostly as a negotiating tactic and noted Trump has put forth other proposals that could reduce mortgage rates by decreasing inflation and deficits.

From Los Angeles Times

Every month we will publish a report with data on housing prices, mortgage rates and rental prices.

From Los Angeles Times

“Unfortunately for the mortgage world, his policies on tariffs, immigration and tax cuts are all inflationary, and as such, the bond market has been reacting,” she said, noting the current devaluation of bonds.

From Salon

"We don't know whether our land prices will fall, what impact that will have on mortgages and loans and where do we stand in the future if we need to expand?" she asked.

From BBC

Related Words

• contract
• debt