MORTGAGE


Meaning of MORTGAGE in English

I. mort ‧ gage 1 W3 /ˈmɔːɡɪdʒ $ ˈmɔːr-/ BrE AmE noun [countable]

[ Date: 1300-1400 ; Language: Old French ; Origin: mort 'dead' + gage 'promise' ]

1 . a legal arrangement by which you borrow money from a bank or similar organization in order to buy a house, and pay back the money over a period of years:

Your building society or bank will help arrange a mortgage.

They’ve taken out a 30-year mortgage (=they will pay for their house over a period of 30 years) .

We decided to use Fred’s redundancy money to pay off the mortgage (=pay back all the money we borrowed for a mortgage) .

Mortgage rates are set to rise again in the spring.

She was having trouble meeting her mortgage payments.

2 . the amount of money you borrow in the form of a mortgage:

If you earn £20,000 per year, then you may be able to get a mortgage of £60,000.

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COLLOCATIONS

■ verbs

▪ have a mortgage

They have a mortgage on a small house in North London.

▪ take out a mortgage (=borrow money to buy a house)

We took out a 25-year mortgage.

▪ get a mortgage

We couldn't get a mortgage.

▪ pay/repay a mortgage

If I lose my job, we won't be able to pay the mortgage.

▪ pay off a mortgage (=finish paying all the money you owe)

They paid off their mortgage five years early.

▪ fall/get behind with the mortgage (=be unable to pay enough money each month)

He fell behind with the mortgage when he lost his job.

■ adjectives

▪ big/high

They both need to work full-time because their mortage is so big.

▪ cheap (=with a low interest rate)

Homebuyers are eager to take advantage of the cheap mortgages on offer.

■ mortgage + NOUN

▪ a mortgage payment

If interest rates go down, your mortgage payments will fall.

▪ the mortgage rate (=the rate of interest you will pay on a mortgage)

You need to shop around for a good mortgage rate.

▪ a mortgage lender (=a bank that provides mortgages)

Nearly all mortgage lenders plan to raise their interest rates.

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THESAURUS

▪ loan noun [countable] an amount of money that is borrowed, especially from a bank or company, which you agree to pay back by the end of a period of time:

We took out a loan to buy a new car.

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He is paying back a $50,000 loan.

▪ mortgage noun [countable] a large amount of money that someone borrows from a bank or company to buy a house:

Nick told me the mortgage on his apartment is worth about $90,000.

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Anyone taking out a mortgage should be aware that interest rates can go up at any time.

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It took my parents nearly thirty years to pay off their mortgage.

▪ interest noun [uncountable] money that you pay for borrowing money, especially that you pay every year or every month at a fixed rate:

Credit companies charge huge amounts of interest.

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What’s the interest on the loan?

▪ overdraft noun [countable] British English the amount of money that you owe to bank when you have spent more money than you had in your account:

I left university with no job and a big overdraft.

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20% of the bank’s customers regularly use their overdraft facility.

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You have to pay a fee for unauthorized overdrafts.

▪ debt noun [uncountable and countable] an amount of money that a person or organization owes:

The company now has debts of almost £2 million.

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A lot of the money went towards paying his debts.

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The family were $100,000 in debt (=they owed $100,000) .

▪ credit noun [uncountable] an arrangement with a shop or bank that allows you to buy something and pay for it later:

We bought the furniture on credit.

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He had a credit limit of £7,000.

II. mortgage 2 BrE AmE verb [transitive]

1 . if you mortgage your home, land, or property, you borrow money, usually from a bank, and if you cannot pay back the money within a particular period of time, the bank has the right to sell your property in order to get the money you owe it:

We mortgaged our house to start Paul’s business.

2 . mortgage the/sb’s future to borrow money or do something that is likely to cause problems in the future, that other people will have to deal with:

The report explains how governments are mortgaging their nations’ futures.

Longman Dictionary of Contemporary English.      Longman - Словарь современного английского языка.