Mortgage
Pronunciation: /ˈmɔːrɡədʒ/
Mortgage (noun)
- A loan from a bank to buy a house, paid back over many years.
- A legal document that shows you borrowed money to buy property.
Examples
- They applied for a mortgage to buy their first house.
- Paying off a mortgage can take many years.
Common collocations: apply for a mortgage, mortgage payment, mortgage interest rate, sign a mortgage, mortgage agreement
Mortgage (verb)
- To borrow money from a bank using your house as security.
Examples
- They decided to mortgage their house for extra funds.
- He mortgaged the property to start a business.