Mortgagor

/ˈmɔːrɡɪdʒɔːr/

Definition 1 of 1

Pro Tip 1/3

Financial Commitment

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

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. Slide

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. Slide

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

BorrowerDebtor

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