26984 words

mortgages

6 definitions • 12 examples
1
an agreement that allows you to borrow money from a bank or similar organization, especially in order to buy a house, or the amount of money itself:

Examples:

They took out a £400,000 mortgage (= they borrowed £400,000) to buy the house.
2
to borrow money to buy a house:

Examples:

Their home was mortgaged up to the hilt (= the full value of their home had been borrowed).
3
an agreement that allows you to borrow money from a bank or similar organization by offering something of value, esp. in order to buy a house or apartment, or the amount of money itself:

Examples:

They took out a $90,000 mortgage to buy the house.
4
to offer something of value in order to borrow money from a bank or similar organization:

Examples:

They had to mortgage their home to borrow enough money to pay for their children’s education.
5
a legal agreement to borrow money from a bank or other financial organization, especially to buy a house or other property, or the amount of money borrowed:

Examples:

apply for/take out/get a mortgage You take out a mortgage on your home at a fixed rate of interest.
pay/pay off/repay a mortgage A large part of the money will be used to pay off a mortgage.
mortgage payment/repayment Once the interest rate rises, they won't be able to afford their monthly mortgage payments.
a 15/25/30-year mortgage
6
to borrow money using property as security (= an asset that will belong to the lender if the borrower does not pay back the loan):

Examples:

mortgage sth to do sth He mortgaged his home to help finance the project.

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