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1. a conditional conveyance of property as security for the repayment of a loan.
The couple took out a mortgage on their dream home, agreeing to pay back the loan over the next 30 years. El matrimonio tomó un préstamo hipotecario en su hogar de ensueño, acordando pagar la deuda en los próximos 30 años.
After struggling to make payments, they decided to refinance their mortgage and secure a lower interest rate to reduce their monthly expenses. Después de luchar para hacer pagos, decidieron refinanciar su hipoteca y obtener una tasa de interés más baja para reducir sus gastos mensuales.
The real estate agent explained that the mortgage on the property was held by a private investor who required regular updates on the home's condition before releasing funds for renovations. El agente inmobiliario explicó que la hipoteca sobre la propiedad estaba en poder de un inversor privado quien requería actualizaciones regulares sobre el estado del hogar antes de liberar fondos para remodelaciones.
