Borrower

Definition: A borrower receives money under an obligation to repay it according to the loan terms.

Example

A homebuyer signs a promissory note promising to repay the lender over the agreed term.

Keep the distinction clear

Borrower describes the debt obligation. Mortgagor describes the person who grants the mortgage lien; the roles often overlap, but title ownership, note liability, and collateral rights should be checked separately.

Related terms

Creditor · Mortgagor · Promissory Note

Keep studying

Mortgages: Borrower, Lender, Ownership, and Key Clauses

References: CFPB: mortgage key terms

Pronunciation (US): BAH-roh-er (capitals show stress)

Pronunciation reference: Merriam-Webster