1. people who borrow money to buy property and give the lender a legal claim on the property as security
Usage: legal; finance

Examples

• The mortgagors must make monthly payments to the bank.
• If mortgagors default on their loans, they risk foreclosure.
• The contract protects both mortgagors and lenders.
• Many mortgagors refinanced when interest rates dropped.
• The bank requires mortgagors to carry homeowner’s insurance.
• First-time mortgagors often need help understanding the process.