Borrowers can be defined as a group of people who are willing to pay extra in order to obtain money.
Basically, the amount of money that the borrower is willing to pay back as an additional charge to the amount borrowed from the lender is known as interest. The amount of money being borrowed by the borrower is expected to be paid back at a specific period of time depending on the agreement between the two (2) parties i.e the borrower and the lender.
Additionally, mortgage loan originator is an individual or institution who is the original lender, ensures the loan falls through and closing it. These mortgage loan originators are usually saddled with the responsibility of persuading and counseling a borrower in getting a mortgage loan.
