Mortgagor

A mortgagor is an individual or entity that borrows money from a lender, usually a bank or financial institution, to purchase real estate. In this arrangement, the mortgagor provides the property as collateral for the loan. They agree to repay the borrowed amount, typically with interest, over a set period. If the mortgagor fails to make the payments, the lender has the right to foreclose on the property, meaning they can take possession of it to recover their funds. Essentially, the mortgagor is the borrower in a mortgage agreement.