mortgagor

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Definitions from WordNet

Noun mortgagor has 1 sense

mortgagor, mortgager - 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"
--₁ is a kind of debtor

Derived form: verb mortgage₁

Definitions from the Web

Mortgagor

Definition:

A mortgagor is an individual or entity that borrows money from a lender and pledges a property as collateral for the loan.

Sample sentences:

1. The mortgagor failed to make the monthly payments, and as a result, the lender initiated foreclosure proceedings.

2. As a first-time homebuyer, John became a mortgagor when he took out a loan to purchase his new house.

3. The mortgagor refinanced their mortgage to take advantage of lower interest rates, saving them a significant amount of money in the long run.