mortgage Hear it!

mortgage Definition

mort·gage (môr′gij)

noun

    1. the pledging of property to a creditor as security for the payment of a debt
    2. such a debt
  2. the deed by which this pledge is made
  3. the claim of the mortgagee on the property

Etymology: OFr morgage, mort gage, lit., dead pledge < mort, dead (see mort) + gage, gage

transitive verb -·gaged, -·gag·ing

  1. Law to pledge (property) by a mortgage
  2. to put an advance claim or liability on to mortgage one's future

mortgage Synonyms

mortgage

n.

lease, title, debt; see contract.

Types of mortgages include: construction, installment, leasehold, anticipating, trust, chattel, first, second.

mortgage Finance Definition
A debt instrument that enables the borrower (mortgagor) to receive funds to purchase real estate. In return, the lender receives a lien on the property as security that the loan will be repaid. The borrower receives access to needed funds and the lender earns interest. The borrower has full use of the property and ownership rights. The lien is removed when the mortgage is paid off in full.
mortgage Law Definition

n

  1. A grant of a security interest in real property to secure a loan, often for the purchase of the property.
  2. A loan secured by an interest in real property.
  3. The paperwork reflecting such a loan and security interest.
purchase money mortgage
A mortgage that secures debt incurred in connection with the property as to which the mortgage is given, for example, a mortgage on one’s home given to secure a loan given in order to purchase that home. 
mortgage Usage Examples

Converse of object

  • offset: Case study: Happy to be in control Richard Freeman, 38, says he likes the control offered by an offset mortgage.
  • refinance: I quote: " I have refinanced mortgages for lower rates recently â perhaps my credit rating is lower than GE!
  • repay: If you fail to repay the mortgage on the terms you agreed to, the bank o. .
  • let: The FSA does not regulate Buy to Let mortgages.

Adjective modifier

  • interest-only: An interest-only mortgage provides flexibility to the borrower in.. .
  • fixed: Fixed rate mortgage: the interest rate is fixed at the start of the mortgage.
  • capped: Capped: A capped mortgage offers a variable rate with a fixed element.
  • flexible: A recent innovation in the mortgage business is the Flexible Mortgage.

Modifies a noun

  • lender: Mortgage lenders do not hesitate to make such claims.
  • broker: All states mortgage broker web site design except our biggest concern risks outside the.
  • repayment: Londoners spend an average of 22.8 % of their salaries on mortgage repayments, against a national average of 18.5 % .
  • lending: Mortgage lending dipped slightly in July, according to recently released figures.
  • calculator: Interest Rate Deals 4. Mortgage calculator 5. Mortgage.. .
  • loan: Default: Failure to repay your mortgage loan according to the terms set forth in the loan contract.

Noun used with modifier

  • repayment: Naturally, the repayment mortgage has become more popular.
  • endowment: The AFS believes that the gain from total lower outgoings under endowment mortgages should be included in all redress calculations.
  • fixed-rate: This may sound esoteric but it feeds through into fixed-rate mortgage rates, which have fallen sharply, thus helping support the housing market.
  • broker: To a based broker business home mortgage third of driving teens.
  • tracker: This has led Woolwich to launch its new range focusing heavily on tracker mortgages.
  • status: Apply Online Now low cost non status mortgage deals market.