mortgage loan

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. The mortgagor's lien on the property expires when the mortgage is paid off in full.

Use mortgage loan in a sentence

The mortgage loan had been paid in full so the bank removed the lien they had been holding on the property.

​ Was this Helpful? YES  NO 4 people found this helpful.

You should always shop around to make sure you are getting the best rate when you are taking on a mortgage loan.

​ Was this Helpful? YES  NO 11 people found this helpful.

It took me 8 months but my bank has finally approved the mortgage loan on that piece of property I was looking at.

​ Was this Helpful? YES  NO 5 people found this helpful.

Show more usage examples...

Mentioned in these terms

Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Real Estate Investment Trust COF Index