Mortgagor – The party who borrows money and gives a mortgage on the property as security for his obligation to repay the debt.
Example: Mary decides she wishes to buy a new construction condominium which is unfinished, allowing her to choose certain appliance finishes and also buy the property and appliances with one package mortgage from Donaldson Mortgage Financing, Inc. In this example Mary would be the mortgagor and Donaldson Mortgage Financing, Inc. would be the mortgagee.
