In a mortgage context, who is the mortgagor?

In a mortgage context, the mortgagor refers to the borrower, who is the individual or entity that takes out a loan secured by the property. When a borrower applies for a mortgage, they agree to repay the lender over time, typically including both the principal amount of the loan and interest. In this transaction, the borrower pledges the property as collateral to the lender, creating a mortgage lien on the property. This means that if the borrower fails to uphold their payment obligations, the lender has the right to proceed with foreclosure to recover the remaining loan balance.

The roles of the other parties mentioned, such as the lender, property inspector, and title company, differ significantly. The lender is the entity providing the loan, and thus is referred to as the mortgagee. Property inspectors assess the condition of the property, while title companies facilitate the legal transfer of property ownership and ensure that there are no issues with the title, but none of these roles relate to the definition of a mortgagor. Understanding these roles helps clarify the responsibilities and relationships in a mortgage transaction.