top of page
Mortgagor

Mortgagor

An individual who seeks a loan from a lender to purchase real estate. Mortgages are commonly used by individuals who are not able to pay for the full cost of a property upfront or who would rather invest their money elsewhere. The mortgagor signs a contract that outlines the terms of the loan, such as the interest rate, payment schedule, and duration of the agreement. It is important for the mortgagor to understand the terms of the loan and to make timely payments to avoid defaulting on the loan and potential consequences such as foreclosure. Mortgages can be issued by banks, credit unions, or other financial institutions, each with their own lending criteria. Ultimately, becoming a mortgagor is a major financial decision that requires careful consideration and planning.
bottom of page