What is the difference between a mortgagor and a mortgagee?

While the mortgagor and mortgagee work closely together during the lending process, there are key differences in their roles and responsibilities. To sum it up: The mortgagor—better known as the borrower—is the individual seeking financial assistance to acquire a property. On the other side of the equation stands the mortgagee, aka the lender.

What is the difference between a borrower and a mortgagor?

To sum it up: The mortgagor—better known as the borrower—is the individual seeking financial assistance to acquire a property. On the other side of the equation stands the mortgagee, aka the lender. Getting a handle on the homebuying process begins with understanding the relationship between the two.

Who is a mortgagor in a mortgage loan?

In a mortgage loan the mortgagor is the party receiving the loan and the mortgagee is the party offering the loan. The mortgagor must submit a credit application and agree to the mortgage loan terms if approved for a loan.