Mortgagor

What Does Mortgagor Mean?
An individual or company who borrows money to purchase a piece of real property. By granting the lender an interest in the property, which allows it to lend the funds with an accurate assessment of risk, the mortgagor provides the lender with a guarantee for the full repayment of the loan. Also known as a "chargor".

Investopedia explains Mortgagor
For most homebuyers, becoming a mortgagor is a necessary for owning a home. Because  the real property in question is offered as security for the loan, the lender can claim its interest in the property in the event the loan is not repaid. This decreased risk allows homebuyers to borrow funds at much lower interest rates.