In a mortgage, who is identified as the lender?

In a mortgage agreement, the lender is referred to as the mortgagee. This entity or individual provides the funds to the borrower (who is known as the mortgagor) for the purchase of a property. The mortgagee holds a secured interest in the property, which means they have the right to take possession if the borrower defaults on the loan. This legal relationship is critical because it governs the terms of the loan, including the repayment schedule and interest rate. Understanding the roles of the borrower and lender is fundamental to real estate transactions, as it clarifies who is responsible for repayment and who has the right to the property as collateral for the mortgage.