Mortgagor

Pro Tip 1/3

Financial Commitment

Understand that becoming a mortgagor is a serious financial obligation with potential risks.

After signing the agreement, Jane became the mortgagor, committed to years of repayment.

Pro Tip 2/3

Repayment Failure

Remember that a mortgagor can lose their property if they don't meet the repayment conditions.

If the mortgagor can't pay the loan, the bank could take ownership of the property.

Pro Tip 3/3

Property Ownership

A mortgagor owns the property, but the lender has a claim on it until the loan is fully repaid.

As the mortgagor of the house, Michael has the title, but the bank has a lien on it.