mortgage
Definition
A legal agreement by which a bank, lender, or other creditor provides a sum of money at interest, used by the borrower to purchase real property, with the property serving as collateral.
The deed or document by which property is pledged as security for repayment of a loan.
(verb) To convey or assign (property) to another as security for a loan, or to obtain a loan in this manner.
Examples
After decades of paying off the mortgage, he finally owned the house—only to discover it needed a new roof costing more than the down payment.
She laughed at the idea of a 30-year mortgage, joking it was basically renting from the bank with extra paperwork and zero parties.
The couple's dream home came with a mortgage so steep, they started a side hustle selling artisanal air from the backyard.
He tried to refinance the mortgage, but the bank said his credit score was 'adorably optimistic' for such ambitions.