Mortgage

Hi
It is a pledge made on property to a creditor as security for a loan. The creditor has every right to claim that property pledged if you fail to repay the loan. The property pledged is called 'mortgaged property'.

Prajwal

Thanks!

However, how about "Oxford Advanced American Dictionary's" definition?
a legal agreement by which a bank or similar organization lends you money to buy a house, etc., and you pay the money back over a particular number of years; the sum of money that you borrow

ZygisThanks!However, how about "Oxford Advanced American Dictionary's" definition?a legal agreement by which a bank or similar organization lends you money to buy a house, etc., and you pay the money back over a particular number of years; the sum of money that you borrow

That's exactly what I would call a mortgage.

What you agree to give up if you fa

So is there any difference between the words "loan" and "mortgage"?

loan is the more general term. There are various plans of how you pay back the borrowed money. You usually say 'loan' when you are talking about money borrowed to pay for a car.

mortgage is the term usually applied to borrowing money to buy a house. There is usually a particular plan worked out mathematically concerning how you pay back the money in (usually) monthly inst

Hi

Here are some lines from Oxford's dictionary:
Pronunciation: /'m??g?d?/

noun

• a legal agreement by which a bank, building society, etc. lends money at interest in exchange for taking title of the debtor’s property, with the condition that the conveyance of title becomes void upon the payment of the debt: I put down a hundred

prajwalkrSo, I think 'mortgage' means loan when it is a noun, and it means 'pledging your property' when it is used as a verb.

I agree. That's how I've always heard them used.

CJ