mortgage
1 of 2noun/ˈmɔrɡɪdʒ/
Forms:mortgages
1
an official contract or arrangement by which a bank gives money to someone as a loan to buy a house and the person agrees to repay the loan over a specified period, usually with interest
B2Learn more on Wikipedia- They took out a mortgage to buy their first house in the suburbs.
- The bank approved their mortgage application based on their credit history and income.
- The monthly mortgage payments include principal and interest, as well as property taxes and insurance.
- He refinanced his mortgage to take advantage of lower interest rates and reduce monthly payments.
- Failure to make mortgage payments on time can lead to foreclosure, where the lender repossesses the property.