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
supplicant, mortgagor, recipient, debtor, receiver

Alternate Spellings
borrows, borrowing

Related Terms and Acronyms

  • Borrow Definition,
    • To get a loan of money.
    • Sand, gravel or other material used for grading; a slope.
  • 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.
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