If you Google “mortgage” you will get this:
mort·gage/ ˈmôrɡij
noun
a legal agreement by which a bank or other creditor 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 thousand in cash and took out a mortgage for the rest”
verb
convey (a property) to a creditor as security on a loan.”the estate was mortgaged up to the hilt”
If you want to look at the origins of the word, you can Google it and get this:
The word mortgage is derived from a Law French term used in Britain in the Middle Ages meaning “death pledge” and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure.
Remember, knowing what it means doesn’t mean knowing the process. We are available by chat, phone, and virtual mortgage application.
