mortgagor
/ˈmɔrɡɪdʒɔr/
noun
- A person who borrows money from a lender to buy property and who gives the lender a legal claim to that property until the loan is repaid.
- Each mortgagor receives a copy of the loan documents.
- If the mortgagor fails to pay, the bank can foreclose.
- The mortgagor must pay the loan on time to keep the house.