When getting a loan to finance the purchase of a house, how is the borrower referred to?

The term used to refer to the borrower in the context of obtaining a loan to purchase a house is "mortgagor." A mortgagor is the individual or entity that borrows money from a lender to finance the purchase of real property, typically through a mortgage loan. This relationship creates a binding agreement where the mortgagor pledges the property as collateral for the loan.

Understanding the role of the mortgagor is essential as it highlights the obligations of the borrower, such as repaying the loan and adhering to the terms set forth in the mortgage agreement. While "mortgagee" refers to the lender (the institution or individual providing the loan), and "vendee" generally denotes the buyer in a sales contract for property, the "mortgagor" specifically indicates the party that is responsible for the loan. Thus, the correct identification of a borrower in this context is crucial for comprehending real estate financing dynamics.