Direct answer
What does Mortgagor mean?
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?
New York 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
AmortizationRepayment of debt through scheduled payments that reduce principal over time.Balloon paymentA final payment that is substantially larger than the preceding scheduled payments.Debt serviceThe scheduled principal and interest payments required on debt for a stated period.EquityThe owner's value in property after subtracting liens from the property's value for the calculation being used.ForeclosureThe 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 amount expressed as a percentage of the applicable property value or price.
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