Who is referred to as the mortgagor?

In real estate transactions, the term "mortgagor" specifically refers to the borrower. This individual or entity takes out a loan from a lender (the mortgagee) to purchase real property and pledges that property as collateral for the loan. The mortgagor is responsible for repaying the loan according to the terms outlined in the mortgage agreement, which typically includes making monthly payments until the loan is fully paid off.

Understanding the role of the mortgagor is crucial when discussing real estate financing because it helps clarify the responsibilities in the lending relationship and the importance of adhering to the agreed-upon payment schedule. While other parties, such as lenders or agents, play significant roles in the transaction, the definition of a mortgagor is explicitly tied to the borrower in the context of a mortgage.