Ireland Financial News - Mortgages & Banking » Borrower http://www.eiremortgage.com All about Mortgages & Banking in Ireland Mon, 21 Jun 2010 17:13:16 +0000 en hourly 1 http://wordpress.org/?v=3.0 Borrower – Definition http://www.eiremortgage.com/2008/08/04/borrower-definition/ http://www.eiremortgage.com/2008/08/04/borrower-definition/#comments Mon, 04 Aug 2008 15:58:03 +0000 admin http://eiremortgage.com/?p=5 Borrower
Mortgagor is the legal term for the borrower, who owes the obligation secured by the mortgage, and may be multiple parties. Generally, the debtor must meet the conditions of the underlying loan or other obligation and the conditions of the mortgage. Otherwise, the debtor usually runs the risk of foreclosure of the mortgage by the creditor to recover the debt. Typically the debtors will be the individual home-owners, landlords or businesses who are purchasing their property by way of a loan.

Most buyers of real property would have difficulty saving enough money to make an outright purchase of real estate. The use of debt increases a buyer’s ability to buy through a combination of down payment and debt. As a result a real estate transaction seldom occurs without borrowers relying on borrowed funds.

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