In real estate, a mortgagor is the person who has borrowed in a mortgage. The mortgagor is usually the homeowner and has the rights to the property he or she has mortgaged. A mortgagor takes out a mortgage loan to purchase a real property. When taking out a mortgage, a lender typically requires the mortgagor to make a down payment. The down payment is often equal to about 20 percent of the total value of the property. It is also essential to know that there will be interest on the mortgage. Interest rates on mortgages are typically less than interest rates on credit cards and other loans. Many mortgage interest rates are even below three percent. Another important thing to consider is how many years the mortgagor has to pay back the loan. Many mortgages are for 10, 20 or 30 years.