In legal documents, which term represents the party that is securing a loan?

The correct term that represents the party securing a loan in legal documents is "mortgagor." This term specifically refers to the individual or entity that borrows money from a lender using real property as collateral. In the context of a mortgage, the mortgagor is the one who receives the loan and is obligated to repay it, often through regular payments.

While "borrower" might seem appropriate, it is a more general term that can apply to any individual or entity obtaining a loan, not necessarily tied to real estate. "Mortgagee," on the other hand, refers to the lender or the financial institution that gives the loan, thus serving a different role in the transaction. The term "guarantor" is used for someone who agrees to be responsible for another party's debt should they default; this does not describe the party securing the loan directly. Therefore, "mortgagor" is the precise term that defines the party who secures the loan against the property.