B2noun2K

Mortgage

UK /["/ˈmɔːɡɪdʒ/"]/US /["/ˈmɔːrɡɪdʒ/"]/

Definition

a legal agreement by which a bank or similar organization lends you money to buy a house, etc., and you pay the money back over a particular number of years; the sum of money that you borrow

In simple words: A loan used to buy a house that you pay back over time.

Examples

  • They applied for a mortgage to buy their first home.
  • She paid off her mortgage ahead of schedule to save on interest.
  • The bank offered various mortgage options with fixed and variable rates.
  • Mortgage interest rates have increased this year, making loans more expensive.
  • They used their property as a mortgage to secure a business loan.
  • If you don't pay the mortgage, the lender has the right to repossess the house.

Usage notes

Commonly used in discussions about buying property or real estate. More formal than everyday conversations. Avoid in casual settings.

Grammar pattern

mortgage + object

Memory hint

Think of 'mortgage' as 'mort-gage' - like a 'gauge' that measures how much of your house you still owe.

Collocations

  • big
  • huge
  • small
  • have
  • hold
  • buy
  • payment
  • repayment
  • application
  • mortgage of
  • mortgage on

Synonyms

  • home loan
  • property loan
  • real estate loan

Antonyms

  • own
  • freehold

Common mistakes

  • Confusing 'mortgage' with 'rent'.
  • Using incorrect terms like 'mortgaged' instead of 'mortgage'.
  • Saying 'mortgage loan' redundantly.