noun / verb
mortgage
MOR-gij/ˈmɔːrɡɪdʒ/
A loan secured by property, or obtaining a loan by pledging property.
The buyers review the mortgage with the lender.
Etymology
The “dead pledge” is a property-backed agreement that dies when the debt is paid or payment fails. The name thus describes the ending of the pledge securing the loan.
In context
A mortgage loan officer helps clients apply for home loans. The officer explains different mortgage options, checks the client's income, credit, debt, and documents
More examples
- She mortgaged the property to finance the repair.
- The house still carries a large mortgage.
- They compared the terms of two mortgages.
Forms
mortgage · mortgages · mortgaged · mortgaging
mortgagor noun — the borrower pledging property
Similar words
- secured loan
- The broader loan category.
- home loan
- A common purpose of a mortgage.