noun
- plural of mortgager; people who borrow money to buy property and give the lender a legal claim on the property as security
Usage: legal/financial term
Examples
- The bank requires all mortgagers to have homeowner’s insurance.
- First-time mortgagers often need help understanding the loan process.
- The mortgagers defaulted on their payments and faced foreclosure.
- Young mortgagers typically choose 30-year fixed-rate loans.
- The credit union offers financial counseling to new mortgagers.
- Many mortgagers refinanced when interest rates dropped.