Mortgage Monday: What Is a Mortgage?

Mortgage By Definition:

Noun

1. A conveyance of an interest in property as security for the repayment of money borrowed.

2. The deed by which such a transaction is effected.

3. The rights conferred by it, or the state of the property conveyed.

Verb

4. Law – to convey or place real property under a mortgage.

5. To place under advance obligation; pledge: to mortgage one’s life to the defense of democracy.

Another dictionary defines it as:

1. An agreement under which a person borrows money to buy property, especially a home, and the lender may take possession of the property if the borrower fails to repay the money.

2. The deed effecting such an agreement.

3. The loan obtained under such an agreement.

4. A regular payment of money borrowed under such an agreement.

And there you have the dictionary meaning of the word mortgage.

 

 

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