Mortgagor (Noun)
Meaning
The person who gives a mortgage in return for money to be repaid; "we became mortgagors when the bank accepted our mortgage and loaned us the money to buy our new home".
Classification
Nouns denoting people.
Examples
- Lenders require mortgagors to provide detailed financial information before approving a mortgage application.
- As mortgagors, we took full responsibility for making timely monthly payments on our new home.
- The mortgagor's credit score played a significant role in determining their mortgage interest rate.
- Upon default of the mortgage payments, the lender can sell the property, forcing the mortgagors to vacate the premises.
- Potential mortgagors often consider working with a financial advisor to determine the ideal mortgage amount and repayment plan.