I decided to use the http://www-lexikon.nada.kth.se/skolverket/sve-eng.shtml web page to look up the Swedish / Norwegian word "amortering" to English. An "amortering" is what you get from the bank when you buy a house. The bank lends you the money and you pay back interest for the rest of your life.

According to the Royal Technical High-School "amortering" is defined as:

"Repayment by instalments, amortization; payment, instalment".

So what the heck happened to "mortgage"? Is mortgage still a valid English word? Do Americans use another word instead of mortgage?

Regards H

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I decided to use the http://www-lexikon.nada.kth.se/skolverket/sve-eng.shtml web page to look up the Swedish / Norwegian word "amortering" to English. An ... the heck happened to "mortgage"? Is mortgage still a valid English word? Do Americans use another word instead of mortgage?

"Mortgage" is still a valid and common English word. "Amortering" is not an English word. "Amortization" is, but it doesn't mean "mortgage", it's more like an accounting procedure. Merriam-Webster defines the verb as:
1 : to provide for the gradual extinguishment of (asa mortgage) usually by contribution to a sinking
fund at the time of each periodic interest payment

Perhaps your "amortering" is used for both concepts?

Best Donna Richoux
I decided to use the http://www-lexikon.nada.kth.se/skolverket/sve-eng.shtml web page to look ... English word? Do Americans use another word instead of mortgage?

"Mortgage" is still a valid and common English word. "Amortering" is not an English word. "Amortization" is, but it doesn't ... to a sinking fund at the time of each periodic interest payment Perhaps your "amortering" is used for both concepts?

Although the Voice of Authority on this one is obviously going to be Prof. Dr. Hortsense L. Spira, I'll chip in by saying that I regularly see the verb as "amortise" when it refers to a loan being paid of a return gradually being obtained on an investment, and "depreciate" when it refers to an asset losing value over time.

Ross Howard
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I decided to use the http://www-lexikon.nada.kth.se/skolverket/sve-eng.shtml web page to look up the Swedish / Norwegian word "amortering" to English. An ... the heck happened to "mortgage"? Is mortgage still a valid English word? Do Americans use another word instead of mortgage?

In the US, "mortgage" refers specifically to a secured interest in real property. There used to be a "chattel mortgage," equivalent to the UK "hire purchase," but that has fallen into disuse with the rise of the Uniform Commercial Code (some variant of which is now the law in all 50 states even Louisiana and the District of Columbia), which uses the terms "secured transactions" and "security interest." Since any installment loan, regardless of what, if anything, secures it, can be set up to amortize over almost any period of time, "mortgage," at least as Americans use it, does not cover the full scope of what is meant.
I can't answer for the UK.

Bob Lieblich
Who at times can barely answer for himself
I decided to use the http://www-lexikon.nada.kth.se/skolverket/sve-eng.shtml web page to look ... According to the Royal Technical High-School "amortering" is defined as:

KTH (Royal Institute of Technology) is not a "High-School". It is a technical university.
"Repayment by instalments, amortization; payment, instalment". So what the heck ... English word? Do Americans use another word instead of mortgage?

"Mortgage" is still a valid and common English word. "Amortering" is not an English word. "Amortization" is, but it doesn't ... to a sinking fund at the time of each periodic interest payment Perhaps your "amortering" is used for both concepts?

The dictionary definition above shows that "amortering" is either a verb (basic Swedish form = amortera) or a noun. Some debt is killed by instalments. It doesn't mean mortgage.

Lars Enderin
KTH (Royal Institute of Technology) is not a "High-School". It is a technical university.

Hi Lars,
At long last, someone who can explain to me. I have been looking for someone like you for ages.
If "Högskolan" is university, then what is "Gymnasium"?
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I decided to use the http://www-lexikon.nada.kth.se/skolverket/sve-eng.shtml web page to look ... English word? Do Americans use another word instead of mortgage?

"Mortgage" is still a valid and common English word. "Amortering" is not an English word. "Amortization" is, but it doesn't ... to a sinking fund at the time of each periodic interest payment Perhaps your "amortering" is used for both concepts?

Amortize does have the one meaning to write off a debt over several years, but the common business usage is to write off an expenditure over a number of time periods. The expenditure is made now, but the amount of the expenditure is spread out over several times periods so the one-time expenditure does not unrealistically affect one time period.
There is no debt involved in this definition. It is an entirely different concept than a mortgage.
The business depreciates assets, but amortizes expenses.

If a business installs an expensive new phone system, that cost may be amortized over several years so the current period doesn't look so bad.
I decided to use the http://www-lexikon.nada.kth.se/skolverket/sve-eng.shtml web page to look up the Swedish / Norwegian word "amortering" to English. An ... the heck happened to "mortgage"? Is mortgage still a valid English word? Do Americans use another word instead of mortgage?

Both words are used in the US, but in slighly different senses. Without reference to a dictionary, my understanding would be that:
1) mortgage basically refers to the loan and the related legalcontract by which the company lending the money keeps the title (legal ownership) to your home until it is all paid for. People whose homes are mortgaged are generally referred to as 'home owners', but strictly speaking this ought only to apply to those whose homes are 'free and clear'. Of course, when you are buying a home with a mortgage, you will own a proportion of the equity in the home that may vary from a very small to a very large percentage, depending on the amount of your downpayment and how far along you are with the amortization schedule (see next paragraph).
2) amortization refers to the particular type of repayment loan inwhich there is a schedule of usually equal payments arranged in such a way that in the first years of repayment a much larger part of each payment is interest, and over time as the balance reduces, the proportion of capital repayment gradually increases. The effect of 30-year amortization, then, is that for the first few years about 99% of each payment is interest and only a tiny amount goes to pay off the capital part of the loan. There are also 'balloon' mortgages in which you a)pay only interest for a number of years and then b) a lump sum of capital repayment comes due. I guess these work well if you are planning to move home before b) or planning to inherit money sometime soon.
Possibly Norwegian only has one word for both of these English/American words, I don't know. I hope this helps.
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