mortgage

noun

mort·gage | \ ˈmȯr-gij

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 More Example Sentences Phrases Containing mortgage Learn More About mortgage

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.

Recent Examples on the Web: Noun Meanwhile, mortgage applications increased 2 percent from one week earlier, according to the Mortgage Bankers Association. — Michele Lerner, Washington Post, 12 May 2022 Home sales have fallen in response, and so have mortgage applications, a sign that sales will keep slowing. — The Salt Lake Tribune, 11 May 2022 Recent data from the Mortgage Bankers Association shows that such loans now make up almost 10 percent of mortgage applications, compared to just 3 percent at the beginning of the year. — Martha C. White, NBC News, 9 May 2022 Since selling the mortgage company in Houston, Mr. Kugler had continued to work remotely for it in Los Angeles per the terms of the sale. — New York Times, 6 May 2022 The embattled online mortgage company Better.com disclosed a third round of job cuts in April, bringing its layoff total to roughly 5,000 since late last year, according to Fast Company. — Jacob Carpenter, Fortune, 5 May 2022 One of Whitehead’s clients, Troy Seppala, a former refinance sales trainer, was among several employees of Better Mortgage Corp. who filed a lawsuit in March 2022 against the mortgage company. — Hugo Martín, Anchorage Daily News, 12 Apr. 2022 One of Whitehead’s clients, Troy Seppala, a former refinance sales trainer, was among several employees of Better Mortgage Corp. who filed a lawsuit in March 2022 against the mortgage company. — Hugo Martínstaff Writer, Los Angeles Times, 7 Apr. 2022 Federal mortgage company Freddie Mac estimated that only 65,000 new starter homes (defined as less than 1400 square feet) were built in 2020, down from 418,000 units per year in the late 1970s. — Camille Squires, Quartz, 22 Jan. 2022 Recent Examples on the Web: Verb The additional interest associated with higher rates is adding hundreds of dollars to mortgage payments. — Michele Lerner, Washington Post, 12 May 2022 Germany’s decision to mortgage its energy future (and economy) to Russian oil and gas looks to be a strategic blunder of the first order — achieving neither energy security nor a more climate-friendly outcome. — John Hillen, National Review, 26 Mar. 2022 And coach Kyle Shanahan and GM John Lynch didn't mortgage the future to keep youngster Trey Lance, the No. 3 pick of the 2021 draft, on the bench for another year. — Nate Davis, USA TODAY, 31 Jan. 2022 The bill also proposed lowering the limit to mortgage debt of $250,000 or less. Supporters, including the Oregon Association of Realtors, have billed the policy as one that benefits and rewards homeowners. — oregonlive, 16 Mar. 2022 Now that rates are spiking, so will mortgage payments for new borrowers. — Fortune, 23 Feb. 2022 The operation of the law school, however, was hampered by conflicts between the Cahns and the faculty, disorganization and financial woes that prompted the couple, at one point, to mortgage their house to sustain its operation. — Emily Langer, Washington Post, 27 Jan. 2022 And with numerous Fed rate hikes expected, the rate on the 10-year note could rise over time — and by extension, so would mortgage rates. — Aimee Picchi, CBS News, 27 Jan. 2022 The company offers homebuyers mortgage financing and title agency services through its financial services segment. — Charles Rotblut, Forbes, 11 Oct. 2021 See More

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.

Learn More About mortgage

Dictionary Entries Near mortgage

mortersheen

mortgage

mortgage deed

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Last Updated

14 May 2022

Cite this Entry

“Mortgage.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/mortgage. Accessed 26 May. 2022.

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More Definitions for mortgage

mortgage

noun

mort·gage | \ ˈmȯr-gij

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

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