Definition - What does Mortgagor mean?

A mortgagor is the borrower in a home loan. The mortgagor has legal obligations within the contract and must keep up payments or lose the property. The terms will be agreed to, with each point being set for a specific length of time. The mortgagor may need to have a guarantor or co-signer to the loan, and the property is used as the primary collateral.

Justipedia explains Mortgagor

A mortgagor needs to have the financial resources available to repay the debt and a credit score that indicates the same. Legal requirements—such as applications, identity checks, financial checks and credit scores—must be obtained by the lender before confirming any loan arrangement with a mortgagor.

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