Mortgagor

What is a mortgagor?

Mortgagor Definition: A mortgagor is a person or party that borrows funds to buy a home. The mortgagor works with a lender to purchase a home with a loan or a property for business operations. When a mortgagor applies for a loan, they must provide a credit report that indicates their history, along with proof of employment income and collateral.

Once a mortgage is approved, a mortgagor becomes fully responsible for making all the payments towards repaying the loan. During the application process, the mortgagor will need to consider insurance options for the mortgage.

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