Borrower

Definition

• One who borrows or obtains funds either from a bank or mortgage lender. One may informally borrow money from a family member or friend for a down payment in order to qualify for a mortgage loan. Also referred to as a mortgagor.

Synonyms
mortgagor, supplicant, debtor, recipient, receiver

Alternate Spellings
borrowing, borrows

Related Terms and Acronyms

• Borrow — Definition,
  • Sand, gravel or other material used for grading; a slope.
  • To get a loan of money.
• Covenantor — Definition,
  • A person who promises to be responsible for the repayment of a loan.
• Credit Line — Definition,
  • The maximum money amount available in an open-end credit arrangement such as a credit card or overdraft protection.
• Guaranty — Definition,
  • A promise to assume responsibility for a debt if the borrower defaults.
• Home Loan — Definition,
  • A loan used to buy a home is referred to as a "mortgage."
• Loan Origination — Definition,
  • The process of applying for a loan and the handling of that application by a lender.
• Mortgage Broker (MB) — Acronym, Important,
  • One who finds clients perspective lenders at generally no cost. Mortgage Brokers have a special relationship with lenders and can offer their clients the best rates and service. CanEquity goes through great lengths to ensure you are serviced by the best Mortgage Brokers in Canada.
• Mortgagor — Definition,
  • The borrower in a mortgage transaction.
• Non-recourse Debt — Definition,
  • A loan secured by collateral where the borrower is not personally liable.
• Spread — Definition,
  • The difference between the interest rate charged to borrowers and the interest rate paid to depositors.
• Sub-prime Borrower — Definition,
  • A borrower with a less-than-perfect credit report due to late payments or a default on debt payments.