In real estate finance, a mortgagor is the party that borrows money and grants a mortgage on real property as security for the loan. The mortgagor pledges the property to the lender while retaining possession and use of it.
The mortgagor is obligated to repay the loan according to its terms, including principal, interest, and any other required payments. Failure to meet these obligations may allow the lender to exercise rights under the mortgage, such as foreclosure.
