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Mortgage vs Overdraft - What's the difference?

mortgage | overdraft |

As nouns the difference between mortgage and overdraft

is that mortgage is (legal) 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 while overdraft is (uncountable) the act of overdrawing a bank account.

As a verb mortgage

is (legal) to borrow against a property, to obtain a loan for another purpose by giving away the right of seizure to the lender over a fixed property such as a house or piece of land; to pledge a property in order to get a loan.

mortgage

English

Noun

(en noun)
  • (legal) 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.
  • (obsolete) State of being pledged.

    • Derived terms

    * anaconda mortgage

    Verb

    (mortgag)
  • (legal) To borrow against a property, to obtain a loan for another purpose by giving away the right of seizure to the lender over a fixed property such as a house or piece of land; to pledge a property in order to get a loan.
  • (figurative) To pledge and make liable; to make subject to obligation; to achieve an immediate result by paying for it in the long term.
  • *
  • *

    • Related terms

    * mortgagee * mortgager

    overdraft

    English

    Noun

  • (uncountable) The act of overdrawing a bank account.
  • (countable) The amount overdrawn.
    • I have an overdraft of £1234.
  • (countable) The maximum amount that may be overdrawn.
    • The bank have given me an overdraft of $2000.

    Related terms

    * overdraw * overdrawn