In a mortgage transaction, the buyer/borrower is the mortgagor The mortgagor is required to sign a promissory note for the amount borrowed and to execute a mortgage to secure the debt The mortgage note is creates a personal liability for payment on the part of the mortgagor (See mortgage, promissory note)
a person who borrows money from a bank or other organization in order to buy property
the person who gives a mortgage in return for money to be repaid; "we became mortgagors when the bank accepted our mortgage and loaned us the money to buy our new home"