Mortgage

usgb/ˈmɔːrɡɪdʒ/
noun

A legal agreement where you borrow money from a bank or similar organization to buy a house, in which that organization could take your house if you do not make the payments back.

They took out a $90,000 mortgage to buy the house.
Visual representation of "mortgage" - A legal agreement where you borrow money from a bank or similar organization to buy a house, in which that organization could take your house if you do not make the payments back.

Often appears as...

  • take out a mortgage
  • pay off a mortgage
Definition 1 of 2
Visual representation of "mortgage"
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Financial Commitment

A mortgage is a long-term financial obligation, often 15 to 30 years.

Illustration for Financial Commitment
Before taking out a mortgage, consider your ability to make long-term payments.
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Default Consequences

Failing to repay a mortgage can result in losing your home to the lender.

Illustration for Default Consequences
If they default on the mortgage, the bank may foreclose on their home.
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Cultural Significance

Owning a home with a mortgage is often linked with success and stability in many cultures.

Illustration for Cultural Significance
Their goal was to have a mortgage by 30, as a sign of financial achievement.
Visual representation of the word "Mortgage"

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