A Mortgage Agreement is a contract between a borrower (called the mortgagor) and the lender (called the mortgagee) where a lien is created on the property in order to secure repayment of the loan.

The Mortgage Agreement may also have a co-signer (called the guarantor) which is a person who is jointly responsible for the repayment of the loan should the mortgagor default on the loan payments. A guarantor is needed if the mortgagor's income situation means that they can't secure a loan on their own.

Some states require a Deed of Trust instead of a Mortgage Agreement. Contact your local county recorder to determine which document is used in your state. If you are in a state that uses both documents, you can inquire into which document is most commonly used.

A Mortgage Agreement includes the mortgagor's and mortgagee's contact details, information regarding the property, and any additional clauses that the mortgagor must adhere to during the Mortgage Agreement.

In addition, the Mortgage Agreement contains the amount of money lent to the mortgagor by the mortgagee (called the principal), as well as any matters relating to payment, including interest rate, due dates, and prepayment.

The Mortgage Agreement lasts until the maturity date specified in the document. The maturity date is when the final payment for the balance owing on the mortgage is due.