Who is identified as the Mortgagor in a loan?

In a loan transaction, the Mortgagor is identified as the Borrower. This is the party who takes out the loan and pledges their property as collateral to secure the loan. By signing the mortgage agreement, the Borrower grants the lender (the Mortgagee) a lien on the property, meaning that the lender has the right to take possession of the property if the Borrower defaults on the loan.

Understanding the role of the Mortgagor is crucial for anyone involved in real estate finance, as it clarifies the responsibilities and risks associated with borrowing funds for property purchase or refinancing. The other parties involved, such as the lender, guarantor, and underwriter, have distinct roles that do not involve directly borrowing from the lender or providing collateral for the loan.