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 the banking sector, offering 'mortgages' is a fundamental service to help individuals purchase homes. A bank loan officer might say, 'Our mortgage options are designed to provide flexibility and affordability, enabling a wider range of customers to realize their homeownership dreams.'

Practice Scenarios

Real Estate

Scenario:

Finding a property that fits the client's budget is a challenge, so is assisting them with loan procedures.

Response:

Having a mortgage broker associated could help us and simplify the loan procedures for clients.

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.