|
WordNet-Online
| ||||
Definitions from the WebMortgageDescription:A mortgage is a legal agreement where a person borrows money from a lender, typically a bank, to purchase a property, with the property being used as collateral. The borrower makes regular payments to repay the loan, including principal and interest, over a specified period of time. Mortgages are commonly used by individuals to finance the purchase of a home or investment property. Parts of Speech:
Senses/Usages:Noun:1. Financial Obligation: The amount of money borrowed through a mortgage, or the financial obligation that comes with the loan. Example sentence: The mortgage on their new house was $500,000. 2. Loan Agreement: The legal contract that outlines the terms and conditions of a mortgage. Example sentence: They signed the mortgage at the bank, officially becoming homeowners. 3. Mortgage Payment: The regular payment made by a borrower to the lender to repay the mortgage loan. Example sentence: They struggled to keep up with their mortgage payments after losing their job. 4. Mortgagee: The lender, typically a bank or financial institution, who provides the mortgage loan. Example sentence: The mortgagee approved their loan application after reviewing their financial records. 5. Mortgagor: The individual or entity who borrows money through a mortgage and pledges the property as collateral. Example sentence: As the mortgagor, they were responsible for maintaining the property and making timely payments. Verb:1. To Borrow Money: To obtain a loan by pledging property as collateral. Example sentence: They decided to mortgage their current house in order to purchase a larger property. 2. To Secure with a Mortgage: To put a property up as security for a loan. Example sentence: They mortgaged their property to fund their new business venture. Related Products: | ||||
morsalium morse morse code morsel morsels morsose morta mortadella mortagage mortagaged mortage mortal- mortal mortal mortal coil mortal enemy mortal prenominal
|