mortgage vs borrowing

[Wlad]

Business English Lesson, Advanced Level

ESL/EFL Test #18 "Money Matters (1)", question 3

It was considered a very good time to apply for a ......... to buy the house because interest rates were very low.

(a) pledge
(b) promise
(c) mortgage
(d) borrowing

Business English Lesson, Advanced Level

ESL/EFL Test #18 "Money Matters (1)", answer 3

It was considered a very good time to apply for a mortgage to buy the house because interest rates were very low.

Correct answer: (c) mortgage

Your answer was: incorrect
It was considered a very good time to apply for a borrowing to buy the house because interest rates were very low.
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I think loan should have been one of the choices since it is the best fit here.
One does'nt apply for a mortgage-His belongings get mortgaged as a means of security.

please explain
Thanks
Wlad

[Mister Micawber]

.
To 'apply' for a mortgage may not be what hopeful homeowners actually do; nevertheless, it is a common phrase in the business. Here is an example from the Internet:

Apply for a mortgage

Whether you are buying your first or fifth home, or switching from your current lender, look no further than Alliance & Leicester to apply for a mortgage. As one of the UK’s established lenders, we know the ins and outs of providing a range of options designed to suit your needs.

and here is another:

How to Apply

Please choose one of the following ways to apply for a mortgage:

*online
* by phone
* or in person at your local Portman branch

Ms Google supplies 539,000 English pages for "apply for a mortgage"
.
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Native English teacher at Mister Micawber's