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/ˈmɔːrɡɪdʒ/
Meaning & Definition
noun
A legal agreement in which a bank or other lender lends money at interest in exchange for taking the title of the debtor's property, with the condition that the conveyance of the title becomes void upon the payment of the debt.
After months of searching, they finally found a house and secured a mortgage to buy it.
The amount of money borrowed under a mortgage agreement.
She took out a mortgage of $300,000 to purchase her first home.
A conveyance of title to property as security for a loan.
The bank holds the mortgage until the loan is paid off in full.
verb
To load or burden with a mortgage.
They decided to mortgage their property to fund the business.
To grant a mortgage on property.
He plans to mortgage his house to secure a loan for his new venture.
Etymology
Late Middle English: from Old French 'mort' meaning 'dead' and 'gage' meaning 'pledge'.
Common Phrases and Expressions
first mortgage
The primary loan taken out to buy real estate.
second mortgage
A loan taken out against property already mortgaged.
mortgage rate
The interest rate charged on a mortgage.
Related Words
foreclosure
The legal process by which a lender takes possession of a property due to the borrower's failure to make payments.
equity
The value of an ownership interest in property, calculated by subtracting any outstanding obligations from the property's value.
amortization
The process of paying off a debt over time through regular payments.
Slang Meanings
House note
He's been paying his house note for over a decade.
Pledge
When you take out a pledge on your home, you need to keep up with the payments.