B2nounmoneyhome
US/ˈmɔːr.ɡɪdʒ/
UK/ˈmɔː.ɡɪdʒ/
a loan from a bank to buy a home, which you pay back over many years
In context
They took out a 20-year mortgage to buy an apartment in Hanoi.
Half of his salary goes on the monthly mortgage payments.
When interest rates rose, many families struggled to pay their mortgage.
Words that go with mortgage
verb + noun
- take out a mortgageborrow money from a bank to buy a homeMany young couples have to take out a mortgage to buy an apartment in Da Nang.
- pay off the mortgagefinish repaying a home loanAfter twenty years of saving, they hope to pay off the mortgage early.
noun + noun
- mortgage paymentthe money you pay regularly on a home loanHer monthly mortgage payment takes almost half of her salary.
- mortgage ratethe interest rate charged on a home loanRising mortgage rates make it harder for young couples to buy a home.
- mortgage lendera bank or company that gives home loansThe mortgage lender asked for proof of his income.
Common mistakes
Incorrect:
/ˈmɔːrt.ɡeɪdʒ/Correct: /ˈmɔːr.ɡɪdʒ/