mortgagor Definition
a person who borrows money to purchase a property and pledges that property as security for the loan.
Using mortgagor: Examples
Take a moment to familiarize yourself with how "mortgagor" can be used in various situations through the following examples!
Example
The mortgagor is responsible for making regular payments on the loan.
Example
If the mortgagor defaults on the loan, the lender can foreclose on the property.
Example
The bank requires the mortgagor to have insurance on the property.
mortgagor Synonyms and Antonyms
Phrases with mortgagor
first-time mortgagor
a person who is borrowing money to purchase a property for the first time
Example
The bank offers special programs for first-time mortgagors.
a person or business entity that borrows money to purchase commercial property
Example
The bank has strict requirements for commercial mortgagors.
a person who borrows money against the equity in their home, typically used by elderly homeowners
Example
The reverse mortgagor receives monthly payments from the lender.
Origins of mortgagor
from Old French 'mortgage', meaning 'dead pledge'
Summary: mortgagor in Brief
'Mortgagor' [ˈmɔːɡɪdʒə] refers to a person who borrows money to purchase a property and pledges that property as security for the loan. The mortgagor is responsible for making regular payments on the loan and having insurance on the property. 'Mortgagor' extends into phrases like 'first-time mortgagor,' referring to someone who is borrowing money to purchase a property for the first time.
