Mortgage Meaning: Definition, Examples, and Translations
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mortgage
[หmษหrษกษชdส ]
Definition
Context #1 | Noun
real estate finance
A mortgage is a loan that is used to buy a house or other real estate property. The borrower agrees to repay the loan with interest over a specified period of time. The property acts as collateral for the loan, meaning that the lender can take possession of the property if the borrower fails to make the required payments.
Synonyms
Examples of usage
- The bank approved my mortgage application.
- She took out a 30-year mortgage to buy her dream home.
Translations
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Origin of 'mortgage'
The word 'mortgage' comes from Old French 'mort gaige', which means 'dead pledge'. In medieval times, the pledge would be voided when the debt was repaid or the property taken through foreclosure. This term evolved into 'mortgage' in English, reflecting the idea of the pledge 'dying' once the debt is cleared.