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mortgage meaning dictionary
mortgage meaning dictionary
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mortgage definition of mortgage by merriam webster : Mortgage definition is - a conveyance of or lien against property (as for securing a loan) that becomes void upon payment or performance according to stipulated terms. How to use mortgage in a sentence.mort·gage (môr′gĭj) n. 1. A loan for the purchase of real property, secured by a lien on the property. 2. The document specifying the terms and conditions of the repayment of such a loan. 3. The repayment obligation associated with such a loan: a family who cannot afford their mortgage. 4. The right to payment associated with such a loan: a bank ...A legal agreement that creates an interest in real estate between a borrower and a lender. Commonly used to purchase homes, mortgages specify the terms by which the purchaser borrows from the lender (usually a bank or a savings and loan association), using his or her title to the house as security for the unpaid balance of the loan.Vendor Take-Back Mortgage: Definition and How It Works. A vendor take-back mortgage is a type of mortgage in which the buyer borrows funds from the seller to help finance the purchase of the property.Mortgage definition: A mortgage is a loan of money which you get from a bank or building society in order to... | Meaning, pronunciation, translations and examplesMortgage. A mortgage, or more precisely a mortgage loan, is a long-term loan used to finance the purchase of real estate. As the borrower, or mortgager, you repay the lender, or mortgagee, the loan principal plus interest, gradually building your equity in the property.Mortgages are the most common type of debt instruments for several reasons such as lower rate of interest (because the loan is secured), straight forward and standard procedures, and a reasonably long repayment period. The document by which this arrangement is effected is called a mortgage bill of sale, or just a mortgage.Definition of mortgage - a legal agreement by which a bank, building society, etc. lends money at interest in exchange for taking title of the debtor's proA conventional mortgage is any type of home buyer’s loan that is not offered or secured by a government entity, but instead is available through a private lender.mortgage meaning: 1. an agreement that allows you to borrow money from a bank or similar organization, especially in order to buy a house, or the amount of money itself: 2. to borrow money to buy a house: 3. an agreement that allows you to borrow money from a bank or similar organization by…. Learn more.
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