News

Mortgage, mortgagee, mortgagor?

By Marilyn Campton

The terms ‘mortgage’, ‘mortgagee’ or ‘mortgagor’ are often used in relation to property, but what exactly do they mean?

A mortgage is an amount of money borrowed against any real estate for security. In other words, if you borrow money to buy a home and you do not pay back the money you borrowed (the mortgage), you might be required to hand over the property instead.

A mortgagee is the lender of the money – the bank or other financial provider, while the mortgagor is the person borrowing the money – the borrower or purchaser of the home.

For more tips like this, subscribe to our weekly newsletter here

Up to Date

Latest News

  • How many experts does it take?

    Some Sydney councils are requiring up to 49 specialist reports for a ‘simple’ Development Application, new research shows. A review by the Urban Taskforce recently found that one council requires 27 reports, another requires 26 and yet another requires 23 just for a simple house. If a residential apartment building … Read more

    Read Full Post

  • Values lower, in patches

    National dwelling values nudged slightly lower in April, according to the latest home value index results released in early May. CoreLogic’s monthly hedonic home value index shows the decline isn’t happening everywhere, though, but is instead concentrated within the largest capitals, while regional dwelling values edged 0.4 per cent higher. … Read more

    Read Full Post