Which phrase best describes the term 'mortgagor'?

The term 'mortgagor' specifically refers to the borrower in a mortgage transaction. In this context, the mortgagor is the individual or entity that takes out a mortgage loan to purchase real estate, using the property as collateral for that loan. This means that the lender can claim the property if the borrower fails to repay the loan.

In mortgage agreements, the mortgagor retains ownership of the property while borrowing the funds but must meet the repayment terms set by the lender, also known as the mortgagee. Understanding this role is crucial for anyone involved in real estate finance or mortgage lending, as it defines the responsibilities and rights of the borrower during the mortgage process.