Definition: 1. Mortgage: A loan for purchasing a home, usually with a fixed or variable interest rate over a specified term (usually 30 years). The monthly payment depends on the principal amount borrowed, the annual percentage rate (APR) charged to the borrower, and the length of the term. 2. Mortgagor: A person who is loaning money to another person for their use. In this case, the mortgager might be a bank, credit union, or mortgage lender. The borrower, in turn, is typically a home buyer who agrees to pay back the principal amount borrowed plus interest over a specified period of time. 3. Mortgagee: The person who borrows money from another person for their own use. In this case, the mortgagor might be an individual or business, and they are typically responsible for paying back the principal amount borrowed plus any associated fees and charges.
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