Meaning & use
mortgage
Last updated
UK/ˈmɔːɡɪdʒ/
US/ˈmɔːrɡɪdʒ/
Meanings
nouncountablefinance
A loan from a bank to buy a home, which the lender can take back if payments stop.
Grammar: Countable: take out a mortgage.
Patterns
- a mortgage on something
They took out a mortgage to buy their first house.
Her monthly mortgage payment rose last year.
verbtransitivefinance
To use property as security for a loan.
Grammar: Takes an object: mortgage the house.
Patterns
- mortgage something
They mortgaged the farm to pay for new equipment.
He mortgaged his house to start a business.
Word forms
| plural | mortgages |
|---|---|
| third person singular | mortgages |
| past tense | mortgaged |
| past participle | mortgaged |
| -ing form | mortgaging |
Common combinations
- take out a mortgage
- Many buyers take out a mortgage.
- pay off the mortgage
- They paid off the mortgage early.
- mortgage payment
- The mortgage payment is due on the first.
- fixed-rate mortgage
- A fixed-rate mortgage keeps payments steady.
- mortgage rates
- Mortgage rates rose again.
Synonyms and how they differ
- home loan
- Home loan is plainer and means the same loan.
- loan
- A loan is any borrowed money, while a mortgage is secured on property.
Word family
- mortgagee noun
- the lender in a mortgage
- mortgagor noun
- the borrower in a mortgage
Practice
If you stop paying your ___, the bank may take your house.
Choose one answer.
A mortgage is secured on the home. A salary or pension is income and a deposit is money paid up front.
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