Direct answer
What does mortgagor mean?
A mortgagor is the borrower or property owner who gives a mortgage as security for a debt.
Exam cue: Use the ending: the mortgagor gives the mortgage.
What does it look like in a question?
Example
The homebuyer signs the mortgage and is the mortgagor.
Common exam trap
What should you not confuse it with?
Do not confuse mortgagor with mortgagee, the lender or holder of the mortgage.
Related real estate finance terms
AmortizationAmortization is the repayment of debt through scheduled payments that reduce principal over time.Balloon paymentA balloon payment is a final payment that is substantially larger than the preceding scheduled payments.Debt serviceDebt service is the principal and interest a borrower must pay on a loan during a stated period, usually a year.EquityEquity is the owner's value in property after subtracting liens from the property's value for the calculation being used.ForeclosureForeclosure is the legal process used to enforce a mortgage lien after default and subject the property to sale or another court-ordered remedy.Loan-to-value ratioThe loan-to-value ratio (LTV) is the loan amount expressed as a percentage of the applicable property value or price.
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