noun
- a person who borrows money to buy property and gives the lender a mortgage as security
Usage: legal
Examples
- The mortgagor must make monthly payments to the bank.
- If the mortgagor defaults on the loan, the property can be foreclosed.
- The contract clearly states the mortgagor’s responsibilities.
- As the mortgagor, she retained ownership of the house while paying off the loan.
- The mortgagor’s credit score affected the interest rate on the mortgage.
- Both the mortgagor and mortgagee signed the legal documents.