When you take out a mortgage, your home becomes the collateral.
Obtain an official document or service. “You can take out a loan for a specific purchase”. “I took out a loan to help pay for my tuition”.
“I was able to take out a mortgage to buy my first house”. For phrasal verb, if you take out something such as a loan, licence, or an insurance policy, you obtain it by fulfilling the conditions and paying the money that is necessary.
“They find a house, agree the price and take out a mortgage through their building society.
2. Escort someone to a social event or place of entertainment. “I took her out to dinner the following night”.
If you take someone out, they go somewhere such as a restaurant or theatre with you after you have invited them, and usually you pay for them.
3. If you take something out, you remove it permanently from its place.