A mortgage involves several parties, each with distinct roles and responsibilities. Here are the main parties involved:

1. Borrower (Homebuyer/Mortgagor):

The individual or entity that borrows money to purchase a property. The borrower agrees to repay the loan, typically in monthly installments, over a specified period.

2. Lender (Mortgagee):

The financial institution (such as a bank, credit union, or mortgage company) or private entity that provides the loan to the borrower. The lender holds the mortgage as security for the loan.

3. Mortgage Broker (Optional):

A licensed intermediary who works between the borrower and lender to help find the best mortgage deal. The broker may not be directly involved in the loan’s approval process but can assist with paperwork and negotiating terms.

4. Real Estate Agent (Optional):

A professional who helps the buyer (and sometimes the seller) navigate the real estate transaction, including finding a property, negotiating the price, and guiding the parties through closing.

5. Title Company:

A company that conducts a title search to ensure the property's title is clear of any legal issues or liens. They also issue title insurance to protect the lender and borrower from future claims against the property's title.

6. Appraiser:

A licensed professional who assesses the value of the property to ensure it is worth the amount being loaned. The appraisal helps the lender determine whether the loan amount is appropriate for the property’s value.

7. Closing Agent/Attorney (depending on jurisdiction):

This person is responsible for ensuring that all legal documents are properly executed and that the transaction is finalized. In some areas, this is a notary, while in others, it may be a real estate attorney.

8. Guarantor (if applicable):

In some cases, a third party (often a family member or friend) may co-sign the mortgage, agreeing to take on responsibility for the debt if the borrower fails to repay the loan. This is often seen with "subprime" loans or when the borrower has limited credit.

Each party plays an essential role in ensuring that the mortgage process runs smoothly and the transaction complies with legal and financial requirements.