Definition of Mortgagor:
A mortgagor is that who borrows money from a lender in order to purchase a home or other piece of real estate. Mortgagors can obtain mortgage loans with varying terms based on their credit profile and collateral. In a mortgage loan the mortgagor must pledge the title to the real property as collateral for the loan.
This can be contrasted with a mortgagee, who is the entity that lends money to a borrower for the purpose of purchasing real estate.
The borrower (person receiving the money) in a mortgage loan transaction.
The borrower in a mortgage, typically a homeowner.
Synonyms of Mortgagor
How to use Mortgagor in a sentence?
- One the loan has been funded, the mortgagor is responsible for making timely payments of interest and principal. If they do not, they may ultimately be subject to foreclosure on the home.
- A mortgagor is the person or other entity that receives a mortgage loan in order to buy property.
- An attornment clause in a mortgage whereby the mortgagor attorns tenant at will to the mortgagee is not a true contract and so is not ‘an agreement’ for present purposes.
- Before obtaining a loan, a mortgagor must complete an application and be approved by the lender's underwriters.
Meaning of Mortgagor & Mortgagor Definition