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After reviewing the contract, the couple decided to apply for a mortgage to buy the old farmhouse.
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After reviewing the contract, the couple decided to apply for a mortgage to buy the old farmhouse.
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Related words
mortgage
IPA(Pronunciation)
Noun
countable
uncountable
obsolete
(law)
A
special
form
of
secured
loan
where
the
purpose
of
the
loan
must
be
specified
to
the
lender,
to
purchase
assets
that
must
be
fixed
(not
movable)
property,
such
as
a
house
or
piece
of
farm
land.
The
assets
are
registered
as
the
legal
property
of
the
borrower
but
the
lender
can
seize
them
and
dispose
of
them
if
they
are
not
satisfied
with
the
manner
in
which
the
repayment
of
the
loan
is
conducted
by
the
borrower.
Once
the
loan
is
fully
repaid,
the
lender
loses
this
right
of
seizure
and
the
assets
are
then
deemed
to
be
unencumbered.
Japanese Meaning
不動産（住宅や農地など動かせない資産）を担保にして、貸付を受ける契約またはその際に設定される抵当権
Related Words
English - English
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