Mortgage (Noun)
Meaning
A conditional conveyance of property as security for the repayment of a loan.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The bank approved our mortgage application after reviewing our credit scores and income.
- She struggled to make the monthly mortgage payments on her new home due to rising interest rates.
- The couple decided to refinance their mortgage to lower their monthly payments and interest rate.
- After inheriting the property, he transferred the mortgage to his own name and continued making payments.
- The lender can seize the property if the borrower fails to meet the mortgage repayment schedule.