- mortgage
- a legal agreement where someone lends money to another person so that he or she can buy a property, the property being the security
Example to take out a mortgage on a house
Definition
noun
"…mortgage payments account for just 20 per cent of the average first-time buyer’s gross earnings against an average of 24 per cent during the past 15 years"[Times]
"…mortgage money is becoming tighter. Applications for mortgages are running at a high level and some building societies are introducing quotas"[Times]
"…for the first time since mortgage rates began falling a financial institution has raised charges on homeowner loans"[Globe and Mail (Toronto)]
Learn a new term:
aggregate demand