Who is the mortgagor in a mortgage agreement?

In a mortgage agreement, the mortgagor is defined as the borrower, which is the party that is receiving the loan to purchase or refinance a property. The mortgagor pledges the property as collateral for the loan, and in doing so, grants the lender certain rights over the property until the debt is repaid in full. This relationship is fundamental to understanding how mortgage agreements function, as it establishes the obligations of the borrower to repay the loan, along with the rights of the lender to foreclose on the property if the borrower defaults. The role of the borrower as the mortgagor is crucial in the context of real estate finance, outlining their responsibility and the reciprocal nature of the loan agreement.