Definition, Meaning & Synonyms

outstanding-mortgage

noun

/aʊtˈstændɪŋ ˈmɔːrɡɪdʒ/

Definition

An outstanding mortgage refers to the amount of money that is still owed on a secured loan, typically for a property, that has not yet been repaid in full.

Examples

The homeowner’s outstanding mortgage was paid off after ten years of consistent payments.
When selling a house, the seller must first settle their outstanding mortgage with the lender.
Investors should be aware of the outstanding mortgage before purchasing a property.

Meaning

It represents the remaining balance on the mortgage loan that the borrower must repay to the lender, in order to fully own the property without any encumbrances.