The individual(s) extended a mortgage loan for a purchase or refinance.
The individual or individuals extended a mortgage loan for either the purchase or refinance of a residential property. There may be multiple borrowers for one mortgage loan.
The borrower is responsible for making all associated payments — including but not limited to principal & interest payments, homeowner’s (hazard) insurance, and property taxes – over the life of the loan. Legally, a borrower is considered a mortgagor.