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What are the differences between a “Buyer”, a “Mortgagor” and a “Borrower”?

April 26, 2017borrower buyer differences mortgagor

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What are the differences between a “Buyer”, a “Mortgagor” and a “Borrower”?

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Usually these are terms represent the same person – one who is the payor on a debt agreement such as a mortgage note. In some cases, the Buyer may be different from the Mortgagor or Borrower, who are legally bound to pay off the debt according to the terms and conditions of the contract.