Who is referred to as the borrower in a mortgage agreement?

In a mortgage agreement, the borrower is referred to as the mortgagor. The mortgagor is the individual or entity that takes out the mortgage loan from a lender, promising to repay the loan amount with interest over a specified period. This party provides the lender with a mortgage on the property as security for the loan, meaning that if they fail to repay the loan, the lender has the right to foreclose on the property.

The terminology in mortgage agreements distinguishes between the roles of the parties involved. The mortgagee is the lender who provides the funds to the mortgagor, while other terms like investor or refinancer do not directly apply to the conventional borrowing process represented in standard mortgage agreements. Investors may have a stake in real estate but are not necessarily involved in the mortgage borrowing aspect. Similarly, a refinancer refers to a mortgagor who seeks to replace an existing mortgage with a new one, typically to achieve better loan terms, but again, this term doesn't define the borrower in a mortgage context.