Mortgager: meaning, definitions and examples
🏠
mortgager
[ ˈmɔːrɡɪdʒər ]
real estate financing
A mortgager is an individual or entity that borrows money from a mortgage lender in order to purchase real estate. The mortgager offers the property as collateral to secure the loan. This arrangement allows the mortgager to obtain the necessary funds to buy a home or other real estate property while agreeing to repay the lender over a specified period. Failure to repay the loan can result in foreclosure, where the lender takes possession of the property. The terms of the mortgage, including interest rates and repayment schedules, vary depending on the lender's policies and the borrower's financial situation.
Synonyms
borrower, homebuyer, loan applicant
Examples of usage
- The mortgager signed the loan agreement.
- As a mortgager, it is crucial to understand the terms of your mortgage.
- A first-time mortgager should seek advice from a financial advisor.
- The mortgager faced challenges in making timely payments.
Translations
Translations of the word "mortgager" in other languages:
🇵🇹 hipotecário
🇮🇳 गृह ऋणदाता
🇩🇪 Hypothekendarlehensgeber
🇮🇩 pemberi hipotek
🇺🇦 іпотечний кредитор
🇵🇱 kredytodawca hipoteczny
🇯🇵 モーゲージ貸付者
🇫🇷 prêteur hypothécaire
🇪🇸 prestamista hipotecario
🇹🇷 ipotekeli borç veren
🇰🇷 모기지 대출자
🇸🇦 مقرض الرهن العقاري
🇨🇿 hypoteční věřitel
🇸🇰 hypotekárny veriteľ
🇨🇳 抵押贷款人
🇸🇮 hipotekarni posojilodajalec
🇮🇸 veðlánsveitandi
🇰🇿 ипотекалық кредитор
🇬🇪 ჰიპოთეკური გამცემი
🇦🇿 ipoteka verən
🇲🇽 prestamista hipotecario
Etymology
The term 'mortgager' has its roots in the Middle English words 'mortgage', originating from the Old French 'mort gaige', which means 'dead pledge'. The word emerged in the late 14th century. In this context, 'mort' referred to 'dead', indicating that the pledge (or 'gage') would become null and void when the obligation (the loan) was paid off. Conversely, if the mortgager failed to meet the obligation, the lender could take possession of the property, thus making the pledge 'dead' or void from the borrower's perspective. This historical context reflects the legal and financial framework surrounding real estate transactions that is still relevant today. Over the centuries, the concept of mortgage has evolved but the fundamental principle of borrowing money against property collateral remains unchanged.