Mortgagor

Mortgagor
An individual or company who borrows money to purchase a piece of real property. By granting the lender an interest in the property, which allows it to lend the funds with an accurate assessment of risk, the mortgagor provides the lender with a guarantee for the full repayment of the loan. Also known as a "chargor".
For most homebuyers, becoming a mortgagor is a necessary for owning a home. Because the real property in question is offered as security for the loan, the lender can claim its interest in the property in the event the loan is not repaid. This decreased risk allows homebuyers to borrow funds at much lower interest rates.
Understanding Your Mortgage - We walk through the steps needed to secure the best loan to finance the purchase of your home. Mortgages: How Much Can You Afford? - Answering this means number-crunching as well as factoring in other considerations and expenses. Shopping for a Mortgage - It starts with knowing your choices as well as your price range. We show you how to get there. Mortgages: Fixed-Rate versus Adjustable-Rate - Both of these have advantages and disadvantages depending on your financial needs and prospects.