Who Is A Mortgagee, And What Does It Mean When Buying A House?
Author:
Hanna KielarJul 12, 2023
•3-minute read
One of the first things you’ll realize when applying for a mortgage is that there are a lot of confusing words and phrases that you’ll encounter throughout the process. While getting a mortgage can be complex, learning all the mortgage terms you need to know is more accessible than ever.
In this handy guide, we’ll be going over one of those confusing words: “mortgagee.” Contrary to what we’re sure must be the initial impression of many, it’s not just a typo for the word “mortgage,” even if that might be how you got to this article. Actually, “mortgagee” is a technical term related to your mortgage. Here’s what you need to know.
Who Is The Mortgagee?
“Mortgagee” is a term you’ll likely see in your mortgage documentation. It refers to the lender, whether that’s a bank, credit union, other financial institution or specialized mortgage originator like Rocket Mortgage®. Put simply, the mortgagee is the entity giving you the home loan.
Mortgagor Vs. Mortgagee
The term “mortgagor” refers to you, the borrower, and can be used to refer to all parties involved in taking out a mortgage loan. When thinking about the mortgagor/mortgagee relationship, remember that the mortgagee is the entity lending the money for the home, while the mortgagor is the person or persons borrowing the money to buy a home.