2 Answers

A mortgage is a note or an agreement signed by the borrower, the mortgagor.  Remember, the mortgagor gives the pledge to the bank.  The bank, in turn, gives you, you guessed it, $$ to complete the sale.

The mortgage is a security for the loan that the lender makes to the borrower.

 The one receiving the mortgage note (the agreement to pledge the house as collateral) is the mortgagee (the note given to the lender), the bank or financial institution.

What bugs me the most is that people would say "I have to pay my mortgage."  You don't pay your mortgage, you pay the loan!  And you DON'T have a mortgage, the bank does.

the person or company that loans the monies and that the borrower makes payments to