Whenever we talk about secured loans especially in terms of real estate, we often come across the terms mortgage, mortgagor and mortgagee. But what do these terms mean? I will pick all these terms up in this answer and clarify all your doubts around the definition of mortgagor and mortgagee. But before that, let us understand what is a mortgage?
A mortgage is a loan that is used to buy or refinance a house and is repaid as per the agreed terms, usually in the form of EMIs.
Now let us understand who is a Mortgagor. A mortgagor is a person who mortgage their property for the purpose of seeking loan. A mortgagor gets a loan amount from banks or individual lenders on the basis of their credit history and the quality of collateral they offer.
When a mortgagor submits his/her loan application, a mortgagee comes into the picture. A mortgagee is an individual or an institution that lends money to the mortgagor in the form of a mortgage loan against the collateral given by the mortgagor. The terms and conditions of a mortgage loan are determined by the mortgagee.
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What do you mean by mortgagor and mortgagee?
Aseem Puri
170Views
3 Year
2021-03-18T19:39:36+00:00 2021-03-22T15:15:19+00:00Comment
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