Who is referred to as the mortgagor?

The mortgagor is defined as the person or entity that borrows money to purchase a property, providing the property itself as collateral for the loan. In this context, the party who owns the property is indeed the mortgagor because they are the ones who have an ownership interest in the real estate and are responsible for repaying the loan.

The lender of the loan is referred to as the mortgagee, not the mortgagor, which distinguishes their roles in the transaction. The insurer of the property typically provides coverage for the home against various risks but is not involved in the mortgage itself. An agent representing both parties is usually a real estate agent or broker, and while they facilitate the transaction, they do not take ownership of the property or hold any loan obligations. Thus, the definition aligns perfectly with the ownership context of a mortgagor, confirming that the correct identification is indeed the party who owns the property.