Business vocabulary exercise: mortgages and loans

Business English vocabulary exercise, intermediate level.

This exercise gives you practice using words related to mortgages and loans.

Exercise instructions

1. Study the vocabulary, including ‘how to use’ and the example sentences.
2. Do the exercise below and check your answers.

mortgage

mort.gage

noun an agreement which allows you to borrow money from a bank in order to buy a house or apartment
how to use countable noun: a mortgage of $80,000, a fifteen-year mortgage; pay off a mortgage
examples 1. My mortgage is with a small bank.

2. We have a twenty-year mortgage.    

interest

in.terest

 
noun the money which you get from a bank monthly or yearly (as a percentage) of the money in your account; the money charged by a bank to people who have borrowed money from them
how to use uncountable noun: high interest, low interest, 4% interest,
pay interest on a loan
examples 1. The bank offers 2% interest on all current accounts.

2. We have a small mortgage, but the interest is very high.

take out

take out

 
verb to buy or arrange insurance, to get a loan or mortgage
how to use take out insurance, take out a loan, a mortgage
past simple: took past participle: taken
examples 1. I didn’t have enough money to buy a new car so I had to take out a loan from the bank.

2. We took out a twenty-year mortgage on the house.

a loan

loan

 
noun money that you borrow, especially from a bank
how to use a $20,000 loan; take out a loan; pay off a loan
examples 1. The company needs a $5m loan to build a new factory.

2. I took out a loan with 5% interest.

questions go herescoregoes here

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