Definition & Meaning of "mortgage"in English

Mortgage

NOUN

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

Examples

They took out a mortgage to buy their first house in the suburbs.

to mortgage

VERB

to pledge property as security for a loan or other obligation

Examples

They mortgaged their house to secure a business loan.

Nearby Words

Definition & Meaning of "mortgage"in English

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