In a mortgage, what does the term 'mortgagor' refer to?

The term 'mortgagor' refers specifically to the borrower in a mortgage agreement. This individual or entity is responsible for repaying the loan that is secured by the property. In a typical mortgage transaction, the mortgagor takes out a loan from a lender (the mortgagee) to acquire real estate. In exchange for the funds, the mortgagor grants the mortgagee a security interest in the property, allowing the lender to foreclose if the borrower defaults on the loan. Understanding the roles of the mortgagor and mortgagee is crucial for navigating real estate transactions and financing. The other options listed refer to different participants in the real estate process, such as lenders, appraisers, and real estate agents, none of whom are designated as the mortgagor.