What does the term 'mortgagor' refer to in mortgage transactions?

In mortgage transactions, the term 'mortgagor' specifically refers to the borrower who is obtaining the mortgage loan. This individual is the person who pledges their property as collateral to secure the loan, allowing them to finance the purchase or refinancing of real estate. The mortgagor is responsible for repaying the loan according to the terms agreed upon in the mortgage contract. Understanding this term is crucial for recognizing the roles of the parties involved in a mortgage agreement, particularly since it contrasts with the term 'mortgagee,' which refers to the lender providing the funds for the loan.