mortgage

Vocabulary Word

Definition

A 'mortgage' is a specific type of loan usually taken to buy property, like a house or apartment. The property itself serves as a guarantee for the bank. If the borrower can't pay back, the bank can take the property.

Examples in Different Contexts

In fintech, developing 'mortgage' calculation and management tools is essential for consumer finance apps. A fintech product manager might state, 'Our app’s mortgage feature simplifies loan management and provides insights to help users make informed decisions on property investments.'

Practice Scenarios

Government

Scenario:

The recent spike in housing defaults points toward an alarming need for comprehensive policy reform.

Response:

Indeed, the mortgage industry does need some regulatory checks to prevent such housing defaults.

Tech

Scenario:

The digitalization of our loan application process will hasten the approval times and enhance customer experience.

Response:

Our platform does provide a more user-friendly mortgage application process. Let's work on promoting that aspect more.