mortgagor

/,ɔgə'dʤɔ:/

Thân thiện

We became mortgagors when we signed the loan papers at the bank.

Definition

Noun: - The person who grants a mortgage: A mortgagor is the individual or entity that borrows money from a lender (the mortgagee) by using real property as collateral. The mortgagor gives the mortgage to the lender as security for the loan.

Usage

The term "mortgagor" is used in legal and financial contexts to specifically identify the borrower in a mortgage agreement. It clarifies their role in pledging property as security.

Examples

Advanced Usage

• "Mortgagor in possession": A legal term for a mortgagor who retains the right to use and occupy the mortgaged property while the mortgage is in effect.
  • Even after signing the mortgage, the homeowner remained the mortgagor in possession.

Variants and Related Words

• Mortgage (n/v): The loan agreement itself or the act of pledging property as security.
• Mortgagee (n): The lender or party that receives the mortgage and loans the money.
  • The relationship between the mortgagor and the mortgagee is defined by the mortgage contract.

Synonyms

• Borrower: A general term for someone who receives a loan.
• Pledgor (or Grantor): A person who pledges an asset as security for an obligation. (Note: These are broader legal terms that can apply in similar contexts.)

Notes on Meaning

The term "mortgagor" is often confused with "mortgagee." It is crucial to remember that the mortgagor is the borrower (the one who gives the mortgage as security), while the mortgagee is the lender (the one who holds the mortgage).

Học thuật

Noun

1. 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

Từ đồng nghĩa

• mortgager