mortgage

Definition

A loan to finance the purchase of real estate, usually with specified payment periods and interest rates. The borrower (mortgagor) gives the lender (mortgagee) a lien on the property as collateral for the loan.

For more information, see: Difference Between Interest Rate and APR.

Use mortgage in a sentence

My wife and I decided to buy a house in our hometown but didn't have the full purchase price, so we went to see our banker to get a mortgage to buy the house.

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The family struggled to get a third mortgage on their house after they were unable to hold down a job for more than two months and criminals continued to steal from their house and vandalize it.

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Most homebuyers must apply for a home mortgage with a bank in order to afford the large up front cost of the purchase necessitating repayment over a period of years plus interest.

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