Mortgagor
/ˈmɔːrɡɪdʒɔːr/
Definition 1 of 1
Pro Tip 1/3Financial 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 2/3Repayment 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 3/3Property 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.