Mortgage Meaning: Home Loan Explained with Examples

Meaning 1：home loan (mortgage)

mortgage 🔊

/ˈmɔːrɡɪdʒ/

A large loan from a bank to buy a house or property. The house itself is used as a guarantee for the loan.

home loan 🔊

➕

/hoʊm loʊn/

A mortgage is a type of loan used to purchase real estate, where the property itself serves as collateral. The borrower repays the loan in installments over a set period.

📁 Category：Social Economy 🔖 Level：intermediate

📘 Details & Usage

📖 Root Explanation

From Old French 'morte gage' (dead pledge): 'mort' (dead) + 'gage' (pledge).

💡 Mnemonic

Mort=death, gage=pledge: a loan that 'kills' your debt when paid, or property becomes 'dead' if unpaid.

📖 Example

Many young couples have to save for years to afford the down payment for their first mortgage. 🔊 Many young couples have to save for years to afford the down payment for their first mortgage.

🔗 Collocations

take out a mortgage – to obtain a mortgage loan

pay off a mortgage – to repay the full mortgage loan

mortgage rate – the interest rate charged on a mortgage

🔄 Synonyms

home loan (n.) – a loan used to purchase a home

property loan (n.) – a loan secured by real property

house loan (n.) – a loan for buying a house

🌱 Derivatives

mortgagor (n.) – the borrower in a mortgage agreement

mortgagee (n.) – the lender in a mortgage agreement

mortgaged (adj.) – subject to a mortgage

📖 Cultural Story

Originating from Old French 'morte gage' (dead pledge), used in medieval England. If the loan was unpaid, the property was 'dead' to the borrower, meaning irrevocably lost. This term evolved into modern 'mortgage'.