説明中心

mortgagor

[ˈmɔːɡɪdʒə]

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

Synonyms for mortgagor

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'

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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.