[mawr-guh-jer] 
| a person who mortgages property. |
| mort·ga·gor (môr'gĭ-jôr', môr'gĭ-jər) n. One that mortgages property. |
Mortgagor
An individual or company who borrows money to purchase a piece of real property. By granting the lender an interest in the property, which allows it to lend the funds with an accurate assessment of risk, the mortgagor provides the lender with a guarantee for the full repayment of the loan. Also known as a "chargor".
Investopedia Commentary
For most homebuyers, becoming a mortgagor is a necessary for owning a home. Because the real property in question is offered as security for the loan, the lender can claim its interest in the property in the event the loan is not repaid. This decreased risk allows homebuyers to borrow funds at much lower interest rates.
Related Links
Understanding Your Mortgage
Mortgages: How Much Can You Afford?
Shopping for a Mortgage
Mortgages: Fixed-Rate Versus Adjustable-Rate
See also: Adjustable-Rate Mortgage - ARM, House Poor, Mortgage, Mortgage Backed Securities - MBS, Mortgage Broker
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