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Real Estate vocabulary · Mortgages & Financing

Mortgage

Meaning in real estate, with examples

/ˈmɔːrɡɪdʒ/nounCore term

In real estate, mortgage means: A long-term loan used to buy a property, in which the property itself serves as security for the lender until the loan is paid back.

In Turkish: konut kredisi, ipotekli kredi, ipotek

How it is used

Buyers apply for, take out or get a mortgage, then make monthly mortgage payments over many years. Agents often ask buyers early on whether they need a mortgage or are paying cash. It is also a verb: the house is mortgaged.

Example sentences

  1. We took out a 20-year mortgage to buy our first home.

  2. Are you buying with cash or with a mortgage?

  3. Their monthly mortgage payment went up when the fixed period ended.

Common collocations

  • take out a mortgage
  • apply for a mortgage
  • pay off a mortgage
  • mortgage payment
  • mortgage lender
  • down paymentThe part of the purchase price a buyer pays with their own money at the start, while the rest is usually covered by a mortgage.
  • lenderA bank or other financial company that lends money, especially one that provides mortgages to home buyers.
  • interest rateThe percentage a lender charges for borrowing money, which decides how much a mortgage costs on top of the amount borrowed.
  • fixed-rate mortgageA home loan whose interest rate stays the same for an agreed period or for the whole loan, so the monthly payment does not change.
  • pre-approvalA lender's written statement, given after checking a buyer's income, debts and credit history, that it is willing to lend up to a certain amount.

This word in other fields

The same English word can have a different meaning in another field:

More terms: Mortgages & Financing

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