mortgage loan


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.

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

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

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