Mortgagor
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A mortgagor is the borrower in a mortgage transaction, the party that pledges the property as collateral for the loan.
What Mortgagor means
The mortgagor agrees to repay the debt and keep the property insured and taxes current. Failing to do so lets the mortgagee enforce the lien through foreclosure.
Florida example
A Florida homebuyer signing the loan is the mortgagor, granting the lender a lien while retaining ownership and the right to live in the home as long as payments stay current.
Who the mortgagor is
The mortgagor is the borrower in a mortgage deal. That is the person who takes the loan and pledges the home as security.
You are the mortgagor, and the lender is the mortgagee.
Why it matters
As the mortgagor, you agree to repay the loan and keep the home insured and taxed. Understanding your role keeps you in control.
We make your obligations clear from day one. Apply now and we will walk you through what you are signing.