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Liton Das Posted 6 years ago
Grammar

Mortgage

Are these sentences correct using the word mortgage.

I took some money as mortgage on my car.

(Means I gave the person my car and on account of that he gave me an amount for some period)

I mortgaged my property for 30000 USD.

I mortgaged some money on my home.

Please explain in different perspective such as taking giving keeping etc.

  

Top answer

The word ' mortgage ' usually involves land or buildings. In simplified terms it works like this. I go to a bank and ask them to lend me $100,000.

— Clive

  • The word ' mortgage ' usually involves land or buildings.
  • In simplified terms it works like this.
  • I go to a bank and ask them to lend me $100,000.
  • I agree to pay the bank money every month, until the loan is repaid.
  • This often takes years.
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2 Answers
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The word 'mortgage' usually involves land or buildings.

In simplified terms it works like this.

I go to a bank and ask them to lend me $100,000.

I agree to pay the bank money every month, until the loan is repaid. This often takes years.

I promise them that if I do not repay the loan, they can take my house.

This kind of loan is called 'a mortgage'.

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Liton DasI took some money as mortgage on my car.

The vocabulary for cars and property is completely different.

You get a loan on the car. It is called a "Car loan." Usually you get a car loan when you purchase a vehicle. You make a down payment, and borrow the remainder. The loan has an interest rate and a term, or length of time when the loan will b

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