In mortgage documents, who is typically referred to as the borrower?

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In mortgage documents, who is typically referred to as the borrower?

In mortgage documents, the borrower is the mortgagor. The mortgagor is the person who borrows money to buy real estate and pledges the property as security for the loan by signing the mortgage. The lender who provides the funds is the mortgagee. While “debtor” is a general term that can apply in many contexts, and “lender” identifies the party giving the loan, the specific term used for the borrower in these documents is mortgagor. For example, if you buy a home with a bank loan, you are the mortgagor and the bank is the mortgagee.

In mortgage documents, who is typically referred to as the borrower?

Prepare for the NYSTCE Family and Consumer Science Test with our study materials. Utilize flashcards and multiple choice questions with hints and explanations to excel in your exam!

In mortgage documents, who is typically referred to as the borrower?

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