S E A R C H   f o r   L E S S O N S
 

book

 

Learn English  
  Blue Level  
  Red Level  
  Yellow Level  
  Green Level  
  Purple Level  
  Orange Level  
  Violet Level  
  Video Lessons  
  Links  
  American Speech  
  Chat  
  How to Learn  
  Vocabulary  
  U.S. Citizenship  
  Reading  

 

 

 

 


 
 

October 1, 2014 - Word of the Day:  mortgage

 

Most people in the United States take out a mortgage when they buy a house. This is a special loan for a house or a condominium (or a place where a person might live). The most common type of mortgage takes 30 years to pay back, but some people choose 15-year loans. The word "mortgage" is usually a noun:

  • Fred got a good interest rate on a mortgage for his house.
  • Right now, you can get a 30-year mortgage at an interest rate of 4.5%. That's very good.
  • We have a 15-year mortgage on our house.
  • Cathy got her mortgage through a broker.*
  • John and Jill finally paid off their mortgage. Now they own their house free and clear.
  • It's not that hard to get a mortgage for a house. If you have a job, good credit, and a little money saved, you can probably get a mortgage.

mortgage

I always tell my students (the ones who I see every day in class) that if they're going to stay in the United States, they should think about getting a house. That almost always means they need a mortgage to buy the house. The reason I recommend this is because it's usually much better to have a house that you own when you get older than not to have one. If you rent an apartment or a house, the money you pay in rent goes to someone else. If you own a house, you can sell it in the future and keep the money for yourself.

 

*broker: a person who helps a borrower get a loan for a house. This person is also referred to as a mortgage broker.

Click here to learn more words.

 

 

 

Home | Your Teacher | Contact | Privacy Policy | Site Map | Terms Of Use

 

 

 

© 2014 Learn American English Online. All rights reserved.