Definition, Meaning & Synonyms

mortgagor

Noun

/ˈmɔːrɡɪɡɔːr/

Definition

A mortgagor is an individual or entity that borrows money from a lender to purchase real estate, providing the property as collateral for the loan.

Examples

The mortgagor must provide proof of income and credit history to qualify for a loan.
If the mortgagor fails to make payments, the lender has the right to foreclose on the property.
As a mortgagor, it’s essential to understand the terms of the mortgage agreement before signing.

Meaning

The mortgagor is the person or organization that takes out a mortgage loan, agreeing to repay the borrowed amount, usually with interest, over a specified period.