In a mortgage agreement, who is the borrower?

In the context of a mortgage agreement, the borrower is referred to as the mortgagor. This term specifically denotes the individual or entity that takes out a loan secured by a property. The mortgagor agrees to repay the loan amount, typically with interest, over a predetermined period.

In a mortgage transaction, the lender is commonly known as the mortgagee, who provides the funds to the borrower. The mortgage document itself creates a security interest in the property, giving the mortgagee certain rights in case the mortgagor fails to meet the repayment obligations.

The term assignee often relates to someone who has received the rights to the mortgage from another party, typically the lender. In such a case, the assignee takes on the role of a new lender but does not change the status of the original borrower, which remains the mortgagor. Therefore, the correct identification of the borrower in a mortgage agreement as the mortgagor captures the essential aspect of the borrowing arrangement: the individual or entity responsible for repaying the loan.