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Mortgage
01
an official contract or arrangement by which a bank gives money to someone as a loan to buy a house and the person agrees to repay the loan over a specified period, usually with interest
to mortgage
01
to offer a bank or other financial institutions a property of high value in exchange for a loan
mortgage
n
Example
The monthly mortgage payments include principal and interest, as well as property taxes and insurance.
They took out a mortgage to buy their first house in the suburbs.
He refinanced his mortgage to take advantage of lower interest rates and reduce monthly payments.
Failure to make mortgage payments on time can lead to foreclosure, where the lender repossesses the property.
The financial institution called the mortgage payment in.
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