MORTGAGES Meaning and
Definition
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A mortgage refers to a legal agreement between a borrower and a lender, typically a financial institution, in which the borrower obtains a loan to purchase real estate property, such as a house or land. This loan is secured by the property itself, meaning that if the borrower fails to make the required payments, the lender has the right to take possession of the property through a process called foreclosure.
In simpler terms, a mortgage is a loan specifically designed for purchasing real estate. The borrower agrees to repay the loan over a set period, usually through monthly installments, and the property acts as collateral or security for the loan. This arrangement allows individuals and families to afford homes by spreading out the cost over many years.
The terms and conditions of a mortgage may vary depending on factors such as the borrower's creditworthiness, the loan amount, the interest rate, and the chosen repayment period. A mortgage typically involves interest payments, meaning that the borrower pays back not only the principal amount borrowed but also an additional amount as interest.
Mortgages play a vital role in the housing market, enabling people to become homeowners and helping to stimulate economic activity. They offer individuals the opportunity to invest in property without requiring the entire purchase amount upfront, making homeownership more accessible for many.
Top Common Misspellings for MORTGAGES *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for MORTGAGES
Etymology of MORTGAGES
The word "mortgages" has an interesting etymology. It comes from the Old French term "mort gaige", which means "dead pledge".
In the Middle Ages, mortgages were established using the "dead pledge" concept. The agreement involved the conveyance of land or property to a lender, who would possess it until the debt was fully paid. If the borrower failed to repay the loan, the lender would keep the property indefinitely. Hence, the term "mort" derived from the Latin word "mors", meaning "death", refers to the pledge becoming dead or inactive once the debt is fulfilled.
Over time, the "mort gaige" term was anglicized into "mortgage" in English. This transformation is likely due to the pronunciation and interaction with the English language. So, the word "mortgages" ultimately retains elements of its original French meaning of pledging property until debt is repaid.
Similar spelling words for MORTGAGES
Conjugate verb Mortgages
CONDITIONAL
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