Definition: The word "mortgage" means a loan made by a lender to a borrower, typically for the purpose of purchasing property or refinancing an existing mortgage. The term comes from the Greek words "mortis" (a dead body) and "gymnosperm" (the root of mortice). In English, it is derived from the Latin word "mortal," which means "dead." The loan typically involves a fixed payment for the duration of the mortgage, with the borrower then paying back the principal balance of the loan over time. The term "mortgage" has several related meanings. For example, it can refer to a type of insurance that covers losses or damage caused by a lender's failure to repay a mortgage. In this context, it is often used in relation to real estate loans, such as those for home purchases or refinances. Another related meaning is that of "mortgage interest," which refers to the amount of money paid by the borrower on a monthly basis over the life of the loan. This interest rate is typically based on an interest rate spread with other lenders, and it is used in conjunction with the interest payment schedule provided by the lender. The term "mortgage" can also be used as a verb or adjective to mean "to take out a mortgage," which refers to borrowing money for the purpose of purchasing property. It is often used to describe an action that involves taking out a loan, typically related to real estate transactions. Overall, the word "mortgage" is a term that has multiple meanings and uses in various contexts, and it is important to be aware of these terms when engaging with financial matters.
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