mortgage

noun
mort·​gage | \ ˈmȯr-gij How to pronounce mortgage (audio) \

Definition of mortgage

 (Entry 1 of 2)

1 : a conveyance (see conveyance sense 2a) of or lien against property (as for securing a loan) that becomes void upon payment or performance according to stipulated terms took out a mortgage in order to buy the house
2a : the instrument evidencing the mortgage
b : the state of the property so mortgaged
c : the interest of the mortgagee in such property

mortgage

verb
mortgaged; mortgaging

Definition of mortgage (Entry 2 of 2)

transitive verb

1 : to grant or convey by a mortgage
2 : to subject to a claim or obligation : pledge

Synonyms for mortgage

Synonyms: Verb

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Examples of mortgage in a Sentence

Noun He will have to take out a mortgage in order to buy the house. They hope to pay off the mortgage on their home soon. Verb She mortgaged her house in order to buy the restaurant. I've mortgaged all my free time this week to the hospice and won't be able to come to the party.
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Recent Examples on the Web: Noun Either way, the rent revenue would help Motzkus pay down his roughly $3,000 mortgage payment. Saige Miller, The Salt Lake Tribune, 27 Dec. 2021 Ken Hoagland was surprised to see his monthly mortgage payment increase recently. Kathy Orton, Anchorage Daily News, 26 Dec. 2021 Americans are likely to find even a high monthly mortgage payment looks better than rising rents year after year. Camille Squires, Quartz, 22 Dec. 2021 The house bought with their life's savings led to fear of losing the house, every mortgage payment a challenge, sometimes pulling from other expenses such as food and gas to make ends meet. NBC News, 12 Dec. 2021 The increase in rents over time of those larger units with more bedrooms will make the mortgage payment look very small in just a few short years. Forbes Biz Council Expert Panel, Forbes, 21 Oct. 2021 To accommodate that, their bank increased the monthly mortgage payment by almost $970, starting this month. Jean Marbella, baltimoresun.com, 13 Oct. 2021 That’s about $1,700 less than in 2006, and the equivalent of an entire monthly mortgage payment in some areas of the country. Los Angeles Times, 21 Sep. 2021 Among first-time buyers, the monthly mortgage payment for a loan with 10% down jumped to 25% of income in the second quarter, up from 21% a year earlier, according to the report. Andrew Stuttaford, National Review, 13 Aug. 2021 Recent Examples on the Web: Verb The company offers homebuyers mortgage financing and title agency services through its financial services segment. Charles Rotblut, Forbes, 11 Oct. 2021 Bonus targets often tempt executives to take short-term actions that mortgage their company’s future. Alex Edmans, WSJ, 27 June 2021 He’s not the kind of GM who would mortgage the future to win in 2021, or risk watching a young starter succeed elsewhere. Paul Sullivan, chicagotribune.com, 26 June 2021 At one point, Branson offered to mortgage his Caribbean island, Necker, for new investment cash. Nicole Goodkind, Fortune, 23 June 2021 On draft day, the price is unlikely to be as exorbitant as what San Francisco paid to get up to three, but will the Broncos be prepared to mortgage future assets for the fourth quarterback taken? Nicholas Mcgee, Forbes, 21 Apr. 2021 Lesser clubs don’t have to mortgage their long-term futures with short notice. Ian Nicholas Quillen, Forbes, 19 Apr. 2021 With little money, Thompson and Roundtree convinced the building’s owner to mortgage it for them. Desiree Stennett, orlandosentinel.com, 1 May 2021 Would New England be willing to mortgage assets this year and next year to get nearby? Oliver Thomas, Forbes, 21 Apr. 2021

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'mortgage.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

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First Known Use of mortgage

Noun

15th century, in the meaning defined at sense 1

Verb

15th century, in the meaning defined at sense 1

History and Etymology for mortgage

Noun and Verb

Middle English morgage, from Anglo-French mortgage, from mort dead (from Latin mortuus) + gage gage — more at murder

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Time Traveler for mortgage

Time Traveler

The first known use of mortgage was in the 15th century

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Dictionary Entries Near mortgage

mortersheen

mortgage

mortgage deed

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Statistics for mortgage

Last Updated

14 Jan 2022

Cite this Entry

“Mortgage.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/mortgage. Accessed 24 Jan. 2022.

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More Definitions for mortgage

mortgage

noun

English Language Learners Definition of mortgage

 (Entry 1 of 2)

: a legal agreement in which a person borrows money to buy property (such as a house) and pays back the money over a period of years

mortgage

verb

English Language Learners Definition of mortgage (Entry 2 of 2)

: to give someone a legal claim on (property that you own) in exchange for money that you will pay back over a period of years

mortgage

noun
mort·​gage | \ ˈmȯr-gij How to pronounce mortgage (audio) \

Kids Definition of mortgage

 (Entry 1 of 2)

1 : a transfer of rights to a piece of property (as a house) that is usually in return for a loan of money and that is canceled when the loan is paid
2 : the document recording such a transfer

mortgage

verb
mortgaged; mortgaging

Kids Definition of mortgage (Entry 2 of 2)

: to transfer rights to a piece of property in return for a loan of money with the understanding that the rights end when the loan is paid

mortgage

noun
mort·​gage | \ ˈmȯr-gij How to pronounce mortgage (audio) \

Legal Definition of mortgage

 (Entry 1 of 2)

1a : a conveyance of title to property that is given to secure an obligation (as a debt) and that is defeated upon payment or performance according to stipulated terms shows that a deed was intended only as a mortgage— W. M. McGovern, Jr. et al.
b : a lien against property that is granted to secure an obligation (as a debt) and that is extinguished upon payment or performance according to stipulated terms creditors with valid mortgages against the debtor's property— J. H. Williamson
c : a loan secured by a mortgage
adjustable rate mortgage
: a mortgage having an interest rate which is usually initially lower than that of a mortgage with a fixed rate but which is adjusted periodically according to an index (as the cost of funds to the lender)
balloon mortgage
: a mortgage having the interest paid periodically and the principal paid in one lump sum at the end of the term of the loan
blanket mortgage
: a mortgage of or against all of the property of the mortgagor
chattel mortgage
: a mortgage of or against personal or movable property (as an airplane) — compare pledge security interest sense 2 at interest sense 1
collateral mortgage
in the civil law of Louisiana : a mortgage against movable or immovable property that is given to secure a written obligation (as a note) which is pledged as collateral security for a principal obligation — see also collateral note at note
construction mortgage
: a mortgage that secures a loan which finances construction
conventional mortgage
1 in the civil law of Louisiana : a mortgage that is created by a written contract
2 : a mortgage that is not guaranteed by a government agency
equitable mortgage
: a constructive or implied mortgage : a transaction (as a conveyance) that does not have the form of a mortgage but is given the effect of a mortgage by a court of equity because the parties intended it to be a mortgage
first mortgage
: a mortgage that has priority over all other security interests except those imposed by law
fixed rate mortgage
: a mortgage having an interest rate that stays the same
general mortgage
in the civil law of Louisiana : a blanket mortgage that burdens all present and future property
home equity conversion mortgage
: reverse mortgage in this entry
judicial mortgage
in the civil law of Louisiana : a mortgage lien that secures a judgment debt and is created by filing a judgment with the recorder of mortgages
junior mortgage
: second mortgage in this entry
leasehold mortgage
: a mortgage under which a leasehold interest in property secures a loan or obligation
legal mortgage
in the civil law of Louisiana : a mortgage that secures an obligation which is created by a law and which does not have to be stipulated to by the parties
open-end mortgage
: a mortgage that secures a loan agreement which allows the mortgagor to borrow additional sums usually up to a specified limit
purchase money mortgage
: a mortgage that is given (as to a lender) to secure a loan for all or some of the purchase price of property also : a mortgage given to a seller of property to secure the unpaid balance of the purchase price
reverse mortgage
: a mortgage that allows elderly homeowners to convert existing equity into available funds provided through a line of credit, a cash advance (as for the purchase of an annuity), or periodic disbursements to be repaid with interest when the home is sold or ceases to be the primary residence, when the borrower dies or some other specified event occurs, or at a fixed maturity date
second mortgage
: a mortgage lien that is subordinate in priority to a first mortgage

called also junior mortgage

senior mortgage
: first mortgage in this entry
special mortgage
: a mortgage on specified property
wrap-around mortgage \ ˈrap-​ə-​ˌrau̇nd-​ \
: a second or later mortgage that incorporates the debt of a previous mortgage with additional debt for another loan
2a : an instrument embodying and containing the provisions of a mortgage executing and recording mortgages
b : the interest of a mortgagee in mortgaged property the bank holds the mortgage

mortgage

transitive verb
mortgaged; mortgaging

Legal Definition of mortgage (Entry 2 of 2)

1 : to grant or convey by a mortgage mortgaged the property to the bank
2 : to encumber with a mortgage

History and Etymology for mortgage

Noun

Anglo-French, from Old French, from mort dead (from Latin mortuus) + gage security

More from Merriam-Webster on mortgage

Nglish: Translation of mortgage for Spanish Speakers

Britannica English: Translation of mortgage for Arabic Speakers

Britannica.com: Encyclopedia article about mortgage

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