What term BEST describes the borrower who is personally liable for a debt obligation related to the purchase of a home?

Question

Quizplus · Accepted Answer

A mortgagor is the borrower who obtains a mortgage loan to purchase a home and is personally liable for repaying the debt. The lender, or mortgagee, holds a security interest in the property until the debt is fully satisfied. A grantor is a party who transfers ownership of property to another person, and a grantee is the recipient of the transferred property. These terms are not directly related to mortgage lending.

What Term BEST Describes the Borrower Who Is Personally Liable