The mortgage loan
Example: Mortgage loan finances property purchase with long-term repayment terms
Definition
"The mortgage loan" is a type of loan specifically used to finance the purchase of real estate, typically secured by the property itself, allowing borrowers to repay the amount borrowed over an extended period with interest.
Etymology
The term "mortgage loan" combines "mortgage," derived from Old French 'mort gage' meaning 'dead pledge,' signifying the pledge ends either when the debt is paid or the property is taken, and "loan," from Old English 'lǣn,' meaning something lent. Did you know? The 'dead pledge' concept reflects the borrower's obligation until repayment is complete.
Learn to use this word actively
"The mortgage loan" appears in the Vocaplus list "English - Finance - (A1-C2) - set 1", containing 150 commonly used words.
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