English · Work & Business
mortgage
/ˈmɔːr.ɡɪdʒ/
[/ˈmɔːr.ɡɪdʒ/]
home loan
Advancednoun
Definition
A loan, usually from a bank, used to buy a house or property, paid back over many years.
Example
The young couple took out a thirty-year mortgage to buy their first home.
The young couple took out a thirty-year mortgage to buy their first home.
Etymology
From Old French 'mortgage', literally 'dead pledge' (mort 'dead' + gage 'pledge'); the 't' is silent.
How & Where It’s Used
Used in property finance; one of the largest loans most people take.